Facebook stock fell 2.46% on Friday
Facebook (FB) stock fell 2.46% to $165.98 on March 15, the day after two of its executives resigned amid ongoing privacy issues. The company also received criticism related to a terrorist attack in New Zealand on Friday.
The stock has risen 2.8% in March and 26.6% year-to-date as of March 15. However, the stock has fallen 3.8% in the past year. Facebook’s Internet peers Alphabet (GOOGL), Twitter (TWTR), Amazon (AMZN), eBay (EBAY), and Snap (SNAP) have risen 13.9%, 8.6%, 14.0%, 29.8%, and 102.5%, respectively, as of March 15.
Facebook announced the departure of its chief product officer, Chris Cox, and WhatsApp’s vice president, Chris Daniels, in a note on Thursday. The news came amid CEO Mark Zuckerberg’s plans to give a new direction focused on private and secure messaging to the company going forward.
Cox was reportedly known as the heart and soul of Facebook, as he was among the company’s earliest employees and worked closely with Zuckerberg. His departure was therefore not happily received by investors.
Daniels, who joined as the head of the WhatsApp messaging app last May, will be replaced by Will Cathcart, who was previously in charge of the Facebook app. The company didn’t appoint anyone to replace Cox.
Negative news to hurt Facebook’s user base
On Friday, Facebook stock was also negatively affected after a shooter live-streamed a terrorist attack that took at least 49 lives in New Zealand. The company also suffered a day-long outage last week.
Facebook is already struggling with data-privacy concerns and issues related to fake accounts, hate speech, and the spreading of misinformation across its platforms, which has dented its user base. Facebook’s daily active users grew ~8.5% YoY (year-over-year) in the fourth quarter, while its monthly active users rose ~9% YoY in the fourth quarter.