Meta Platforms slide hits fourth day, drops company under $600 billion level
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Facebook owner Meta Platforms (NASDAQ:FB) closed down 2.1% Tuesday, its fourth down session in a row and extending its post-earnings slide to 32%.
The stock hit its lowest point in 21 months - and it's moving lower even as other big-tech names fail to sink in sympathy. (Apple, Microsoft, Amazon.com and Google all closed higher today, as did many other smaller tech stocks.)

Today's move brought an interesting new threshold: Meta closed with its market capitalization below $600 billion for the first time since 2020.

That's meaningful because a package of House competition bills targeting Big Tech sets a threshold of only covering companies over $600 billion.
Assuming the legislation comes to pass, and Meta stayed under that level, it could dodge additional antitrust hurdles that would remain for its now-bigger competition (Amazon, Alphabet, Apple and even Microsoft). The bills are still subject to change, but they highlight the difficulty of regulating the tech industry while avoiding solving for outdated problems by targeting a particular size, CNBC notes.
Meanwhile, Meta expanded on a statement yesterday about an entry in its annual report warning that without a new transatlantic data transfer agreement, it might have to pull Facebook and Instagram out of Europe.
The company is "not wanting or 'threatening' to leave Europe," the company said in more detail after issuing similar sentiment yesterday. "Much like 70 other EU and US companies, we are identifying a business risk resulting from uncertainty around international data transfers," which it's legally required to do, it says.
Meta's drop has sent the Communication Services Select Sector SPDR Fund (NYSEARCA:XLC) to a 52-week low as well.