One of the most useful functions of MetaplatformsIt is (NASDAQ:META) Facebook’s main site is its messaging service. So it’s no surprise that the company’s stock price fell following the announcement that its messaging would no longer be available as a standalone app in one of the major mobile markets in China. Meta’s stock closed Friday down more than 4%, a much steeper fall than the stock’s 0.9% drop. S&P500 hint.
Facebook Messenger removed from App Store in China
Before the market opens, The Wall Street Journal reported that a number of popular messaging apps had been removed from Apple‘s App Store that day. This included Facebook Messenger, as well as Telegram and Signal. The iPhone maker said this was done upon request, with vague “national security concerns” cited as the reason.
THE Newspaper quoted an anonymous Apple spokesperson as saying that “We are obligated to respect the laws of the countries in which we operate, even if we disagree.”
Facebook Messenger, Telegram and Signal are inaccessible behind the so-called Great Firewall erected by the Chinese government. However, it is common for people in the country to find ways around these restrictions, and messaging apps are popular. The country’s authorities have always been wary of these applications, because they consider them to be unfavorable, even threatening, content vectors for the government.
There is always a way
The removal of Facebook Messenger does not necessarily mean the removal of Facebook from the Chinese company. As always, users from this huge Asian country will find a way to connect with social networks, and if they have Facebook accounts, they’ll probably continue to use them in one way or another, even without Messenger. I don’t think the sudden ban from the App Store poses a big threat to Meta’s business.
Should you invest $1,000 in meta platforms right now?
Before buying stocks on meta platforms, consider this:
THE Motley Fool Stock Advisor The analyst team has just identified what they think is the 10 best stocks for investors to buy now…and meta-platforms were not part of it. The 10 selected stocks could produce monster returns in the years to come.
Consider when Nvidia made this list on April 15, 2005…if you had invested $1,000 at the time of our recommendation, you would have $518,784!*
Equity Advisor provides investors with an easy-to-follow plan for success, including portfolio building advice, regular analyst updates, and two new stock picks each month. THE Equity Advisor the service has more than quadrupled the return of the S&P 500 since 2002*.
*Stock Advisor returns April 15, 2024
Randi Zuckerberg, former director of market development and spokesperson for Facebook and sister of Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool’s board of directors. Eric Volkman holds positions in Apple and Meta Platforms. The Motley Fool posts and recommends Apple and Meta platforms. The Mad Motley has a disclosure policy.
Why Meta Platform Stocks Failed Friday was originally published by The Motley Fool
