Facebook Parent Meta Employees Seek Greener Pastures Post Stock Meltdown

Several Meta Platforms Inc FB employees burdened with underwater stock options looked to exit the social media giant following its plunging stock prices, the New York Post reports. The stock price dived from an all-time high of over $380 in September to $216.49 on Friday. 

Meta employees who had $100,000 worth of restricted stock units around its September stock peak would now have ~$57,000. So it made financial sense to quit as per Needham.

Also Read: Facebook's Metaverse Plans As Advertising Business Dwindles: Everything You Need To Know, Meta Platforms (Facebook) Q4 Earnings Takeaways: Big EPS Miss, Revenue Beat, New Ticker

Interestingly, opportunists from other companies like Microsoft Corp MSFT, which is down 10.3% this year, can theoretically "buy the dip" by taking a job at a beaten-down company like Meta and getting more stock options at a lower price.

A series of internal leaks put massive political pressure on the company fueled by the multibillion-dollar sting of privacy changes from Apple Inc AAPL and Alphabet Inc GOOG GOOGL Google.

The Nasdaq composite index fell 12.3% in 2022, while Apple has fallen 9.9%, Amazon.com Inc AMZN 5.3%, and Google 5.7%.

The big tech firms are paid far higher cash compensation since the top five collectively have $345 billion of net cash.

Price Action: FB shares traded lower by 3.45% at $208.99 in the market session on the last check Monday.

photo by Tim Bennet via unsplash