Mark Zuckerberg, Meta Get Good News After 90-Day Tariffs Announcement
Mark Zuckerberg got a bit of a reprieve on April 9 as Meta Platforms' stock had a slight bounce back.
According to The Spectator Index on X, Meta saw a 9% increase on Wednesday after President Donald Trump announced a pause on reciprocal tariffs for 90 days in most countries except for China. The White House hit back at China's 84% tariffs and raised them to 125%, up from the prior 104%.
By late in the afternoon, the Dow Jones rallied 2,700 points and the S&P 500 and Nasdaq also positively reacted to the news, per Market Watch. That should be good news for Zuckerberg as the chairman and CEO of Meta because he watched his net worth drop by $27.34 billion last week, per Bloomberg's Billionaires Index.
On April 3 and 4, the 500 richest people around the globe took the hardest hit — it was the largest two-day loss in recorded history.
Meta Platforms are already drawing concerns because social media companies like Facebook rely heavily upon digital advertising. With the tariff issues and a possible recession, brands may be pulling back on their budgets which could continue to plague Zuckerberg for some time.
"Advertisers tend to become more conservative during periods of economic crisis," Debra Aho Williamson, chief analyst of Sonata Insights, explained to Investor's Business Daily. It's what the media outlet is calling a "concerning sign" for Meta and their "Family of Apps," including Facebook, Instagram, Messenger, WhatsApp and Threads.
A slowdown amid market volatility isn't what Zuckerberg hoped for, but the April 9 bounce in the stock price is a better sign for Meta than just days ago.
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