Netflix and Facebook have given up most of the last few years' gains since tech's November peak

Meta and Netflix five-year performanceCNBCTwo members of the FAANG group have been defanged.In the five months since the Nasdaq’s peak late last year, Netflix and Facebook (now Meta Platforms) have gotten crushed, giving up most of the gains they’d accumulated over the prior half decade.Netflix is down nearly 68% since the Nasdaq peak on November 19, while Facebook has lost over 45% of its value since then and is down more than 50% from its high two months earlier.In the recent past, both companies appeared to have unstoppable growth and impenetrable moats. Netflix was so embedded in American households with must-see original content that the company could periodically raise its monthly subscription cost and not miss a beat. And Facebook, with its billions of users and dominant ad-targeting engine, was accumulating envious amounts of online ad revenue.Those stories have flipped relatively quickly — with investors reassessing the companies’ prospects in the face of increased competition and a deteriorating macroeconomic environment.As of Friday’s close, Netflix had a market cap of $99.2 billion, down from over $300 billion in November. Facebook did briefly join the trillion-dollar club last year but is now down to $532.6 billion.The past week was particularly bad for…
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