One of the most useful features of Metaplatforms‘S (NASDAQ: META) The core of Facebook site is the messaging service. So it was no surprise that the company’s share price fell following the news that its messaging service will no longer be available as a standalone app on one of China’s largest mobile marketplaces. Meta’s stock closed more than 4% lower in price on Friday, which was a much steeper decline than the stock market’s 0.9% decline. S&P500 Table of contents.
Facebook Messenger removed from the App Store in China
Before the market opens, The Wall Street Journal reported that a number of popular messaging apps had been removed Apple‘s App Store that day. This included Facebook Messenger, plus Telegram and Signal. The iPhone maker said this was done upon request, with rather vague “national security concerns” as the reason.
The log quoted an unnamed Apple spokesperson as saying, “We are required to follow the laws in the countries where we operate, even if we disagree with them.”
Facebook Messenger, Telegram and Signal are inaccessible behind the so-called Great Firewall set up by the Chinese government. However, it is common for people in the country to find ways around such restrictions, and messaging apps are popular. The country’s authorities have traditionally been suspicious of these apps, seeing them as conduits for material unfavorable or even threatening to the government.
There is always a way
The removal of Facebook Messenger does not necessarily mean the removal of Facebook from Chinese society. As they always do, users in the huge Asian country will find a way to connect to social media, and if they have Facebook accounts, they will likely continue to use them in some way – even without Messenger. I don’t think the sudden App Store ban is a major threat to Meta’s business.
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Randi Zuckerberg, former director of market development and spokeswoman for Facebook and sister of Mark Zuckerberg, CEO of Meta Platforms, is a member of The Motley Fool’s board of directors. Eric Volkman holds positions at Apple and Meta Platforms. The Motley Fool holds and recommends positions in Apple and Meta Platforms. The Motley Fool has a disclosure policy.
Why Meta Platforms Stock Flopped on Friday was originally published by The Motley Fool
