Employees of
Meta (FB),
Netflix (NFLX) and
Zoom (ZM), whose stocks have fallen dramatically in recent months, are looking to the exits.
Senior executives, whose compensation package is often heavier on stock options and restricted stock than their junior counterparts, are particularly interested in jumping ship, possibly moving to another enterprise software firm whose stock is depressed but offers better upside potential. This is according to a New York Post article, "
Meta Employees Look to Ditch Jobs Amid Stock Crash."
While the Nasdaq index has declined 13% from its high of 15,993.71 on Nov. 18, 2021 to 13,893.84 on March 21, 2022, individual, highflying Big Tech stocks have suffered far worse.
Meta shares have plummeted more than 40% in the past six months, while Netflix is down 34% this year. Even more dramatic is the value of Zoom stocks, down 63% from an all-time high of $310 last Semptember to $116.28 at its open Monday.
"The list goes on, with employees of
PayPal (PYPL), e-commerce company
Shopify (SHOP), beleagured fitness company
Pelaton (PTON) and electric carmaker
Rivian (RIVN) ll griping about their companies shares plummeting in recent months," NYP writes.
One Meta employee wrote on the corporate message board Bind that they are interviewing at other companies.
What has sent Meta stock down is heightened regulatory scrutiny and stricter privacy rules at Apple Inc. and Google that have put a dent in advertising on Meta's Facebook and Instagram platforms, NYP reports.
"People are definitely paying attention and are concerned about the stock price," Michael Solomon of headhunting firm 10x Management tells the Post. "A lot of people have questions about if Meta is going to get out of this -- if this could be the beginning of the end for them."
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