Business NewsMeta’s Meltdown Shows How Big Tech’s Invincible Era Is Over
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Meta’s Meltdown Shows How Big Tech’s Invincible Era Is Over
For years, Facebook, Amazon, Apple, Netflix and Google—the revered FAANG companies—were great investments. But a brutal quarter has revealed that they’re no longer sure things.
(Bloomberg Businessweek) -- When a big stock dives, as Meta Platforms Inc. did on Oct. 27, dropping almost 25%, investors are often urged to take the long view of its performance. In this case, it hardly helps. If you bought Meta five years ago—back when the company was still known as Facebook—you’d be down about 49%, in a period when the S&P 500 climbed 45%. Meta has not only erased its gains from the pandemic, which turned soci...