Google plans privacy change similar to Apple's, which wiped $230 billion off Facebook's market cap

$Alphabet-A (GOOGL.US)$ $Alphabet-C (GOOG.US)$ on Wednesday announced it's adopting new privacy restrictions that will cut tracking across apps on its Android devices.

The Alphabet-owned company said it is developing new privacy-focused replacements for its advertising ID, a unique string of characters that identifies the user's device.

The changes could affect big companies that have relied on tracking users across apps, like $Meta Platforms (FB.US)$ parent Meta. Apple’s adjustments hit Meta particularly hard, for example. Meta said earlier this month Apple’s privacy changes will decrease the social media company’s sales this year by about $10 billion. That news contributed to wiping $232 billion from the company’s market cap in a single day, eventually pushing the total below $600 billion. Last June, Meta was worth more than $1 trillion.

But while Meta fought against Apple’s changes, it voiced support for the way Google plans to implement its privacy tweaks.

It follows a similar move made by $Apple (AAPL.US)$ last year that seemingly upended advertising practices.