Facebook’s Stock Tumbles 6% on Analyst Downgrade, Report of Crypto-Based ‘Stablecoin’ for WhatsApp131446.7

Friday was a bad day for big-tech stocks. It was especially hard on Facebook.

The social media company fell 6.3% to $124.95 a share, a harder fall than any of the other FAANG stocks and more than double the 3% decline in the Nasdaq Composite. The decline came in the wake of a Bloomberg report that Facebook was developing a stablecoin--a cryptocurrency pegged to the dollar--to enable digital payments in WhatsApp.

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