Meta share price dropped by almost 7% since this morning after a class-action lawsuit was filed in the UK.
Meta Share Price – will it recover?
The Meta share price is currently trading at $324.64 USD.
A multi-billion euro case is set to be launched against the social media giant in the United Kingdom, which could see up to 44 million UK Facebook users receiving a shared £2.3bn (€2.7bn) in damages, a competition expert claims.
There are rumours in the Tech industry that a further 3 lawsuits are pending within the EU.
A string of blows for Meta
Meta is currently facing an antitrust suit from the US Federal Trade Commission (FTC).
A judge ruled on Tuesday that the FTC’s antitrust lawsuit was allowed to go ahead after its first attempt at targeting the company’s alleged monopoly was dismissed due to lack of evidence.