Facebook stock opened at $150.13 on Thursday, down more than 30% from the high it hit in July, as the company continues to grapple with privacy scandals, fake news and a broader market selloff hitting the tech industry particularly hard.
In fact, Facebook stock is hovering around its lowest point from the days after the Cambridge Analytica data scandal came to light in March and ignited a wave of consumer and regulatory scrutiny on both sides of the Atlantic.
“For the first time, we’ve heard some grumblings from the advertiser community that the hot water that Facebook is in politically is creating some hesitation on budget allocations (for some),” Ross Sandler, an analyst with Barclays, wrote in an investor note this week.
Meanwhile, Facebook’s long awaited push into hardware this week — with a video calling device called Portal — was mired by the same user trust issues over privacy concerns that have plagued the company all year.
Adding to Facebook’s uncertainty right now: The company is making a big bet across its products on Stories, a visual format popularized by Snapchat, but one with unknown potential for advertisers.
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