What you need to know
- A new report says Apple's privacy changes have wiped some $278 billion from the market value of four social media companies.
- Meta, Snap, Twitter, and Pinterest have all seen their values plummet over the last year.
- Meta's share price has fallen 24% in the last 24 hours.
A new report has revealed that four social media companies have lost some $278 billion in market value since Apple announced changes to privacy on iPhone last year.
The report notes Meta's value has fallen by $169 billion since April 26, 2021. Similarly, Snap has fallen by $50 billion, Twitter by $26 billion, and Pinterest by $33 billion. For Snap, Twitter, and Pinterest, those losses represent around half of their previous market values, a staggering decline.
It comes after Facebook missed its Q4 earnings targets this week, and announced that it expects changes made by Apple last year to cost the company some $10 billion in revenue, sending shares in freefall on Wednesday, a trend that continued when the markets opened.
Apple made tracking users via an IDFA number an opt-in feature, as the company continues to highlight privacy as one of the best iPhone features on offer.
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Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.
Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple. Follow him on Twitter @stephenwarwick9