Facebook may not be the original social media platform but it has stood the test of time – until recently. Meta, the company that owns Facebook, Instagram and WhatsApp, saw its value plummet by around $80 billion (£69 billion) in just one day at the end of October, after its third-quarter profits halved amid the global slowdown. Meta is now valued at around $270 billion compared with more than $1 trillion last year.
Several issues have caused investors to turn away from the social media giant, including falling advertising revenue, a conflict with Apple over its app store charging policy, and competition for younger audiences from newer platforms such as TikTok.
