Shares of Facebook parent Meta dropped more than 4% on Friday, showing rare vulnerability for the powerhouse stock after a pair of landmark court rulings, and on the heels of the decline of its much-hyped metaverse and another delay of its AI model.
Back-to-back landmark court losses pushed further losses for the Facebook parent’s stock.
Shares of Meta dropped 4.3% Friday afternoon, following a 7.96% plunge on Thursday and adding to a 19.4% decline over the last year, the worst performance among the “Magnificent Seven” stocks.
A California jury on Wednesday found Meta and Google liable for harming a woman’s mental health because of addictive design features on their platforms, after Meta founder Mark Zuckerberg testified the company was “building this thing to be a good thing that has value in people’s lives.”
That came one day after a New Mexico jury ruled Meta enabled child exploitation on its platforms, and the company was ordered to pay $375 million in damages for violations of state consumer protection laws.
