Down from High, more Upside to come?

The recent steep decline in the major US indexes $Dow Jones Industrial Average (.DJI.US)$, $Nasdaq Composite Index (.IXIC.US)$, $S&P 500 Index (.SPX.US)$ was driven by the selloff in $Meta Platforms (FB.US)$ and other Big Tech stocks $Alphabet-A (GOOGL.US)$, $Amazon (AMZN.US)$, $Apple (AAPL.US)$, $Microsoft (MSFT.US)$, $Netflix (NFLX.US)$, $NVIDIA (NVDA.US)$. Among the social media stocks $Pinterest (PINS.US)$, $Snap Inc (SNAP.US)$, $Twitter (Delisted) (TWTR.US)$, shares of $Meta Platforms (FB.US)$ tumbled the most with a series of negative revelations and the political fallout. Adding to its recent woes was the company's worst outrage in almost a decade on its entire suite of services due to an issue with its servers. With the bulk of its revenue coming from advertising across its multiple platforms, the outrage may have cost the company millions in lost revenue though such losses would pale in comparison to its expected revenue for next year. This outrage will more likely underscore the importance of its various platforms to its advertisers and users than it will negatively impact the company. Investors of $Meta Platforms (FB.US)$ should remember that previous controversies with financial consequences have not permanently hurt the company's revenue or earnings. While $Meta Platforms (FB.US)$ could remain under pressure for the near term with its string of controversies, its long term valuation does not look overly demanding at the moment. So long as $Meta Platforms (FB.US)$ could take decisive actions to manage its mounting troubles, protect its market share and expand on its new innovative offerings, there are lesser reasons to worry about its most severe selloff of the year. Notwithstanding its vulnerability to business headwinds, those who are still confident of the social media giant's long term growth potential may find this sharp decline presenting buying opportunities for its future upside.