Meta rivalry with Apple inflamed as Facebook parent company share price plummets
Mark Zuckerberg blamed “headwinds” this week after investors wiped about $220bn off Meta’s market value. One of the biggest blows came from longtime rival Apple.
Apple has long marketed itself as a champion of privacy, explicitly positioning itself in opposition to Facebook. Tensions between the two giants escalated with the release of Apple’s new operating system, which Meta feared would hamper its revenue model.
On Thursday those fears came true as Meta’s share price fell 26% in what could be the largest single-day wipeout in market value for a US company.
Meta blamed increasing competition for the dismal forecast, as well as privacy changes instituted by Apple last year.