Facebook’s 10% fall Monday from their all time high Feb. 1 helped drag the Nasdaq to close only slightly above the line. Facebook fell 5.7% on Tuesday. A report from The Verge said that Facebook has scheduled a meeting for all employees Tuesday to let them ask questions about the Cambridge Analytica data privacy scandal.
SOCL’s relative steadiness in the face of the Facebook controversy underscores the advantages of using a basket approach to social media stocks rather picking individual names. The ETF held 32 stocks at the end of last year.
Year-to-date investors have added nearly $40 million to SOCL as of March 21st.
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