Meta shares slumped 12.18 per cent extending losses for the third day after its record plunge last week, Per Second News gathered.
The company formerly known as Facebook, plunge on Monday, continuing the declines triggered last week by weaker-than-expected earnings and mounting concerns over data privacy.
The company’s shares are down 34 per cent since that start of the year. The decline has been fuelled by concerns including privacy changes to Apple products that makes it harder for advertisers to see how their ads work on Facebook.
Meta, which owns social media giant Facebook and Instagram, is facing a myriad of challenges. It is in the middle of a number of regulatory fights and looking to justify its strategic shift to bet on an immersive internet known as the metaverse.
In a report published on Thursday, the company again threatened to pull Facebook and Instagram from Europe if it is unable to keep transferring user data back to the US amid negotiations between regulators to replace a scrapped privacy pact.