Investing.com - Facebook (NASDAQ:FB) tumbled midday on further concerns about the company’s lead management, leading a decline in the FAANG stocks.
Facebook fell about 4.9% at 12:27 PM ET (17:27 GMT).
The communications services sector fell about 2%.
Facebook has yet to recover from the New York Times article with the headline beginning “Deny, Deflect, Defend” about how the company aggressively fought criticism of its handling of Russian influence and propaganda on its platform.
And The Wall Street Journal reported that CEO Mark Zuckerberg may be driving out top executives.
“Zuckerberg’s new approach is causing unprecedented turmoil atop Facebook, driving several key executives from the company, according to people familiar with the matter,” the Journal reported. “At times, it has created tensions with his longtime chief operating officer, Sheryl Sandberg.”
In other FAANG moves, Apple (NASDAQ:AAPL) fell about 3.8%, while Google parent Alphabet (NASDAQ:GOOGL) lost about 3.2%.
Amazon (NASDAQ:AMZN) and Netflix (NASDAQ:NFLX), fell more than 4%.