Meta shares plunged 14% this week, falling close to their pandemic low

Facebook hasn't been this inexpensive since the opening of the pandemic.

After plunging 14% for the week to adjacent astatine $146.29, shares of Facebook genitor Meta are astatine their lowest constituent since March 2020, and for a play connected Friday, they had sunk adjacent lower. Meta has mislaid 61% of its worth implicit the past 12 months, by acold the biggest descent among Big Tech stocks and much than treble the driblet successful the Nasdaq Composite.

In sliding for 5 consecutive days, Meta is present trading conscionable 28 cents supra its closing terms connected March 16, 2020, erstwhile the aboriginal days of Covid-19 sent U.S. stocks reeling.

If Meta falls beneath $146.01, it volition beryllium the lowest since January 2019. That's erstwhile Facebook was dealing with the aftermath of the Cambridge Analytica Scandal that tested user assurance successful the societal media institution and led to a bid of heated legislature hearings.

Still, Facebook managed to grow its progressive users successful the U.S. that quarter, though by conscionable nether 1 percent.

Since officially changing its name to Meta past October, the quality for CEO Mark Zuckerberg and institution has been astir each bad. Apple's iOS privateness update made it much hard for the institution to people ads and the accrued popularity of societal media rival TikTok has drawn users and advertisers distant from the app. Meanwhile, an economical slowdown has caused galore companies to propulsion backmost connected their online selling spend.

In July, Meta said it was expecting a 2nd consecutive play of declining income arsenic it reported second-quarter earnings that missed connected the apical and bottommost lines.

WATCH: I'm not definite there's a halfway concern astatine Meta that works anymore