Why These 5 Stocks Are on the Move on Wednesday

4. Meta Platforms, Inc. (NASDAQ:FB) has fallen nearly 1% as of 9:57 AM ET after it was revealed that Meta Platforms, Inc. (NASDAQ:FB) paid a Republican consulting firm to damage the image of competitor social media giant, TikTok. The campaign included the use of editorials and letters to the editors of major media outlets, painting TikTok as a danger to children.

Meta Platforms, Inc. (NASDAQ:FB) is already under pressure as the social media conglomerate lost daily active users during the last three months of 2021. Meta Platforms, Inc. (NASDAQ:FB) was held by 224 hedge funds at the end of Q4 2021.