![]() ![]() ![]() Even though XLC, VOX, and FCOM have the highest weightings towards META, they are not the only funds that experience losses at the beginning of the year. META’s year-to-date performance is -58.9% as a result, XLC is -35.8% VOX is down 36.9% and FCOM is down 36.8%. The sector has been under pressure all year, and Thursday’s loss is a part of a broader year-to-date decline. VOX is down 1.5% in premarket trading, while FCOM is down 2.1%. With 11.78% and 10.92%, respectively, VOX and FCOM are the next and third-heaviest holders of META after XLC. The largest holding in the stock of any ETF on the Street is held by XLC, which has a 17.25% weighting in META. Major route in outlook due to Meta stock plunge The Communication Services Select Sector SPDR Fund ( NYSEARCA:XLC), Vanguard Communication Services ETF ( NYSEARCA:VOX), and Fidelity MSCI Communication Services Index ETF are the three ETFs with the greatest portfolio exposures to META ( NYSEARCA:FCOM). ![]() After declaring a profit shortfall and informing Wall Street of upcoming sales issues, the company has generated more than 20%.ĭespite the fact that 332 different ETFs throughout the own world META, the three communication-focused funds that have the biggest exposures to the social media behemoth, have dropped along with META’s decline. ( NASDAQ:META), a mega-cap company, falls sharply. © 2023 NYP Holdings, Inc.META stock to $100.46 as of 11:04 AM EDT.Įxchange-traded funds with a focus on communication services are expected to start Thursday’s session in the red as Meta Platforms Inc. Meta’s Reality Labs division, which is overseeing its metaverse-related ventures, burned through $3 billion in cash this past quarter, the company told investors. Some of the Meta’s investors are concerned the company is spending too much money and confusing people with its focus on the metaverse, a virtual, mixed and augmented reality concept that few people understand - while it also grapples with a weakening advertising business. Meta’s disappointing results followed weak earnings reports from Google parent Alphabet Inc. and Microsoft this week. Meta’s stock price has fallen more than 60% since the start of the year. Revenue fell 4% to $27.71 billion from $29.01 billion, slightly higher than the $27.4 billion that analysts had predicted. That’s down 52% from, $9.19 billion, or $3.22 per share, in the same period a year earlier. The Menlo Park, Calif.-company earned $4.4 billion, or $1.64 per share, in the three-month period that ended Sept. Meta announced Wednesday that revenue dropped for the second consecutive quarter as the company struggles with falling advertising sales due to stiff competition from rising social media app TikTok. Facebook/Mark ZuckerbergĪt its peak, Meta’s stock was trading at $382 per share. ![]() Zuckerberg has been on the defensive about his massive investment in the metaverse, which has contributed heavily to Meta’s sagging stock price. Meta closed Thursday at $97.94 a share - its lowest stock price since 2016. Since then, Tesla CEO Elon Musk has jumped to the top of the list. In May 2020, Zuckerberg was the third richest person in the world - ranked behind Amazon founder Jeff Bezos and Microsoft co-founder Bill Gates. Since then, Meta’s stock price has fallen by more than 67% - including 25% on Thursday after the company’s quarterly report showed a massive drop in profits. In September 2021, Zuckerberg reached the height of his wealth with a net worth valued at $142 billion. Zuckerberg’s real-time net worth was pegged at around $37 billion, according to Bloomberg Billionaires Index - plunging him out of the top 20 on the list of wealthiest people in the world. Mark Zuckerberg has seen his net worth plummet by more than $100 billion in the last 13 months as the stock price of his company, Meta, nosedived Thursday. Zuckerberg says Musk isn’t serious about cage match, suggests ‘it’s time to move on’ X, formerly known as Twitter, is throttling traffic to Facebook, NY Times after Musk criticism: reportĮlon Musk says he’ll show up at Mark Zuckerberg’s doorstep in a Tesla to fight as billionaire trash talk continues How tech billionaires in Hawaii are responding to Maui wildfires ![]()
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