Many users are reporting problems with Facebook and Instagram today, with users being logged out online and and mobile and being asked to log back in.
Shares of Meta are down 1.6% and back below $500 after hitting a record $504 yesterday. The drop is mostly in line with the broader market but could reflect some fears of hacking or longer downtime. Those kinds of fears were more-widespread many years ago with Facebook but it's now largely insulated from them.
That said, I'm sure some engineers at Facebook and Instagram are scrambling right now. Threads is also down,though I don't think too many people noticed.
Meta's Andy Stone is out with a comment noting that they are aware that 'many people are having trouble accessing our services'. He didn't offer any insight on what is happening.
More broadly, tech stocks are at the lows of the day, with the Nasdaq down 1.8% in a selloff led by Tesla (-4.9%) and Apple (-3.0%). Tesla has been struggling with EV demand fears and today was hit by a fire at its Berlin factory that will keep it offline all week. Apple is hurting on China demand fears, despite an announcement today that China will look to boost consumption this year.
Nasdaq heatmap:
Shares of Meta continue to slump, but have had an incredible run over the past 16 months.
Update: There are also some problems at Google's YouTube, though not to the same extent. All this is coming as US voters get set to vote in the Super Tuesday primaries. Though you would think that's basically a foregone conclusion.
