Listening to
was obviously investors’ first mistake. The second was forgetting that no two snowflakes are alike.
Meta, citing both
iOS changes and increasing competition from short-form video platforms such as TikTok, had a top-line guidance that came in well below Wall Street’s expectations, with both factors expected to continue to affect ad-revenue growth through at least the end of the year. The result was a loss of $230 billion in market value for Meta—the biggest single-day loss ever for a U.S. company.
Snap, which shed a whopping 24% of its value Thursday on its competitor’s news, was the hardest-hit of the peer group as investors drew parallels between its platform mix of advertisements (heavy on ads that elicit an immediate response such as a click or a…
