Meta's stock price has collapsed dramatically this year, erasing billions from the net worth of CEO Mark Zuckerberg.
The latter, of course, operates a pretty boring physical retail business that sells tools, construction products, and the like. But it’s a business that Wall Street at least understands. Home Depot is good at what it does, and the company has stuck to its knitting. It’s not spending gargantuan sums of money on preparing for a bizarro version of the future that might never arrive, nor has it just laid off upwards of 11,000 workers.
Meta’s stock price has shed 65% or so of its value this year, erasing billions of dollars from its CEO’s net worth, as a consequence of everything from a global deceleration in advertising sales to Wall Street skittishness about Zuckerberg’sAlso less than ideal is the larger economic slowdown, which comes against the backdrop of tech giants like Meta as well as Apple and Amazon either instituting layoffs or putting hiring freezes in place.
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