The Ratings Game: Facebook stock faces ‘meaningful pressure’ after Instagram co-founders jump ship [MarketWatch]
Meta Platforms, Inc. - Class A (FB)
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Source: MarketWatch
Facebook stock faces ‘meaningful pressure’ after Instagram co-founders jump ship Shares of Facebook Inc. slumped Tuesday, with JPMorgan analyst Doug Anmuth saying the departures of Instagram’s co-founders were not only “surprising,” but also “concerning” for investors. Kevin Systrom, co-founder and chief executive of Instagram, said in a statement that he and fellow co-founder Mike Krieger, were leaving after eight years at Instagram, and the last six years with the Facebook team, as they are “ready for our next chapter,” which includes exploring their curiosity and “building new things.” “We believe their departure comes as a surprise given Instagram’s success and its growing importance within Facebook,” Anmuth wrote in a note to clients. “We look for additional color in coming days and weeks, but in the near-term, we expect [Facebook] shares to come under meaningful pressure from the departures.” Facebook’s stock FB, -0.59% slumped 0.8% in morning trade, but pared earlier losses
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