According to a recent analysis, four social media businesses have lost $278 billion in market value since Apple unveiled changes to iPhone privacy last year.
On Wednesday, earnings reports from social media businesses highlighted the company’s fragility to investors, resulting in a severe sell-off in its shares. Meta Platforms dropped 22% in Thursday transactions, Snap dropped 18%, Twitter dropped 8%, and Pinterest dropped 11%.
These four social media businesses have lost a total of $278 billion in market value since Apple’s privacy upgrade went into effect in late April 2021.
According to the report, Meta’s value has dropped by $169 billion from April 26, 2021. Similarly, Snap has lost $50 billion, Twitter has lost $26 billion, and Pinterest has lost $33 billion. These losses reflect a staggering reduction of over half of Snap’s, Twitter’s, and Pinterest’s former market valuations.
Apple is reportedly looking for suppliers in South Korea as it prepares to launch its Apple Car project. It comes after Facebook failed Q4 earnings forecasts this week and said it expects Apple’s last-year tweaks will cost the business $10 billion in sales, bringing shares down on Wednesday, a trend that continued when the markets opened.
Apple made tracking users using an IDFA number an opt-in feature, emphasising privacy as one of the best iPhone advantages.
