Meta snaps out of historic slump with first record high in years

Meta Platforms Inc. shares closed at their first record high in more than two years on Friday, as the Facebook parent fully recovers from a selloff that at one point had erased more than three-fourths of its value.

The stock rose about 2% to $383.45, surpassing an all-time high that has stood since September 2021.

The record is the latest milestone in a lengthy recovery for the stock. Shares nearly tripled in 2023, outperforming even in a positive year for megacaps as investors embraced the company’s focus on efficiency and cost cutting. It is up more than 300% off the low hit in 2022.