What's Going On With Tech Giant Meta's Stock Today?
Portfolio Pulse from Shivani Kumaresan
Meta Platforms Inc (NASDAQ:META) shares are trading lower due to an impending EU antitrust fine for linking its Marketplace service with Facebook. The fine could be up to $13.4 billion, representing 10% of its 2023 global revenue. The European Commission's decision is expected by September or October. Meta's stock has gained over 56% in the last 12 months. Investors can gain exposure to Meta via Vanguard Communication Services ETF (VOX) and Communication Services Select Sector SPDR Fund (NYSE:XLC).
July 25, 2024 | 7:32 pm
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Meta Platforms Inc (NASDAQ:META) is facing a potential EU antitrust fine of up to $13.4 billion for linking its Marketplace service with Facebook. The decision is expected by September or October, which could impact Meta's stock price.
The potential fine represents a significant financial penalty, which could negatively impact Meta's stock price. The decision's timing adds uncertainty, contributing to the stock's current decline.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
The Communication Services Select Sector SPDR Fund (NYSE:XLC) may be impacted by Meta's potential EU antitrust fine, as Meta is a significant holding in the ETF. The decision is expected by September or October.
As Meta is a significant holding in the XLC ETF, any negative impact on Meta's stock price due to the potential fine could affect the ETF's performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50