New York, Jan 20, 2026, 16:40 ET — After-hours trading
Meta Platforms shares fell 2.5% to $604.12 in after-hours Tuesday after the U.S. Federal Trade Commission said it will appeal a court ruling that dismissed its case against Meta’s Instagram and WhatsApp acquisitions. 1
The appeal brings back the chance of a breakup for a stock that’s recently behaved more like a macro indicator—large, liquid, and vulnerable to steep declines when risk appetite fades. It comes just ahead of quarterly earnings, adding to the timing. On top of that, it creates a new angle amid the ongoing regulatory probe into Meta’s ads and platforms.
In London, Britain’s Gambling Commission sharply criticized Meta for “turning a blind eye” to illegal online casino advertisements on Facebook and Instagram. Executive director Tim Miller dismissed Meta’s claim that it only learned of the ads after being alerted as “simply false.” The regulator highlighted ads promoting sites outside “GamStop,” the UK’s self-exclusion scheme for online gambling. Meta said it removes ads violating its policies as soon as they are detected. 2
The FTC is moving to revive its antitrust case against Meta, accusing the company of cementing its monopoly by buying Instagram in 2012 and WhatsApp in 2014. Judge James Boasberg dismissed the lawsuit in November, pointing to competition from TikTok and other factors. But FTC spokesperson Joe Simonson insisted, “our position has not changed.” Meta replied that it looks forward to “continuing to partner with the Administration and to invest in America.” 3
Tuesday’s drop came amid a broader selloff sparked by President Donald Trump’s threat to hike tariffs on several European nations during his push to acquire Greenland. “So it’s all coming together for a pretty significant risk off day,” said Wasif Latif, chief investment officer at Sarmaya Partners, as the Nasdaq slipped and volatility surged. 4
Meta’s slide echoed losses across the digital ad and social media space. Alphabet fell about 2.4%, Snap dipped roughly 2.5%, and Pinterest slid nearly 2.0% during the session.
At Davos, Meta CTO Andrew Bosworth called the surge in AI investment just another boom‑and‑bust cycle. “There will be winners and losers,” he said, adding that consumers could benefit from “this tremendous land grab of power, data centers and GPU capacity.” 5
Equity traders are eyeing whether the antitrust appeal will hit valuations or just stay a legal footnote. Meta’s ad business pulls in strong cash flow but faces intense scrutiny — regulators are probing everything from who can advertise to how ads are targeted and placed.
The downside risk is clear-cut. If regulators gain traction—whether through a fresh breakup push in Washington or stricter ad rules in Europe—compliance costs could rise sharply. The company might also face renewed scrutiny over its core apps, even if any changes take years to materialize.
Meta is set to release its quarterly report after the market closes on Wednesday, Jan. 28. Investors will watch for details on ad demand, spending priorities, and the company’s approach to new legal hurdles. 6
