The stock market adores high-growth tech companies – until it suddenly does not. And when the mood changes, as it has in 2022, the brutality of the stock market goes on spectacular display.
Consider what has happened to Meta, the company formerly known as Facebook, the archetypal social network. Its earnings have shrivelled, and it has begun laying off workers. Worth US$1 trillion (S$1.4 trillion) only a year ago, the company has lost nearly three-quarters of its stock market value.