Facebook stock plummets 26%, sheds more than $230 billion in market value in single day

Facebook parent Meta’s stock plunged some 26%, more than $230 billion in market value on Thursday after the company forecast weaker-than-expected revenue growth in the next quarter. The company blamed privacy changes to Apple’s iOS and macroeconomic challenges such as inflation weighing on advertiser budgets.
Apple’s App Tracking Transparency feature across iOS, iPadOS, and tvOS requires apps to get users’ permission before tracking their data across apps or websites owned by other companies.
Lauren Feiner for CNBC:

Shares of Facebook parent Meta closed down more than 26% Thursday after the company forecasted weaker-than-expected revenue growth in the next quarter. It also said it’s taking a big hit from Apple’s privacy changes, and showed the first quarterly decline in daily active users on record.
The stock finished with its biggest one-day drop ever, ahead of the 19% plummet it saw in July 2018. Thursday’s drop shaved more than $230 billion from its market cap, bringing it to about $660 billion.
The company said Apple’s iPhone privacy changes, which impact its ad-targeting and measuring, would result in a $10 billion revenue hit this year. It also said macroeconomic challenges like inflation and supply chain disruptions, are weighing on advertiser budgets.

MacDailyNews Take: Couldn’t have happened to a more deserving societal cancer (unless it happened to Twitter).
The fact that Apple is giving people the choice to be tracked or not via App Tracking Transparency hurts Facebook et al. not only highlights the inherent flaw in the business model of these societal cancers, it makes us laugh.