'Enemy Of The People': Trump Slams Meta Stock As TikTok Ban Faces Scrutiny
Portfolio Pulse from Adam Eckert
Former President Donald Trump criticized Meta Platforms Inc (NASDAQ:META), calling it 'an enemy of the people' and expressing opposition to a TikTok ban, suggesting it would benefit Meta. Trump's comments led to a 3.74% drop in Meta's stock and also negatively impacted other social media stocks, including Snap Inc (NYSE:SNAP), which fell 3.47%. Trump's critique stems from his belief that Meta, among other companies, poses a national security risk by potentially sharing data with foreign entities.
March 11, 2024 | 5:21 pm
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NEGATIVE IMPACT
Trump's criticism of Meta Platforms Inc as 'an enemy of the people' and his opposition to a TikTok ban, which he believes would unfairly benefit Meta, led to a 3.74% drop in the company's stock price.
Trump's comments directly targeted Meta, causing a negative market reaction. Given his influence and the specific mention of Meta, the stock experienced a notable drop, reflecting investor concerns over potential backlash and regulatory scrutiny.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
Following Trump's critique of Meta and his broader comments on social media platforms, Snap Inc also experienced a downturn, with its stock price falling 3.47%.
Although Trump's comments were primarily aimed at Meta, the negative sentiment spilled over to other social media stocks, including Snap Inc, as investors grew concerned about the sector's outlook amidst potential regulatory and public backlash.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 70