July 2, 2022

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Meta Platforms Inc climbs higher as big tech rebounds during market rally

  • NASDAQ:FB gained 2.89% during Tuesday’s trading session.
  • Russian Instagram influencers find themselves suddenly without employment.
  • Facebook is fined in Ireland over a series of 2018 data breaches.

NASDAQ:FB capped off a strong trading day with a surge into the closing bell, as the NASDAQ reported its best trading session in more than a week. Shares of FB added 2.89% and closed the trading day at $192.03. Big tech stocks rallied on Tuesday after yet another bearish start to the week during Monday’s session. Amazon (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT) led the way gaining 3.89% and 3.87% respectively, while Apple (NASDAQ:AAPL) and Alphabet (NASDAQ:GOOGL) were also trading higher. Chip makers and EV stocks were also on the rise, as NVIDIA (NASDAQ:NVDA) jumped by 7.70% and Tesla (NASDAQ:TSLA) rose by 4.63% during the session.

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With Russia’s sudden ban of Meta’s Instagram platform earlier this week, Russian social media influencers suddenly find themselves without a source of income. It has also had a direct effect on Russian small businesses which use Facebook and Instagram and their eCommerce platforms to directly sell products and services to customers. Instagram is a popular platform amongst both entrepreneurs and the general public in Russia, with an estimated 60 million accounts, or about 40% of the population of the entire country.

Facebook stock price

FB Stock

Meta Platforms has also been fined a sum of $18.6 million by the Irish Data Protection Commission over a series of data breaches from 2018. It’s not the first time the Facebook platform has been in the headlines for a data breach, and US big tech companies seem to receive an especially critical eye from European regulators.

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