meta platforms inc is leading the sharp turn lower in socialmedia stocks after the consumer price index unexpectedly moved higher during august indicating that inflation remains rampant despite declines in gas prices relative to earlier in the summer the 76 drop in shares of the facebook parent company tuesday afternoon comes amid broader declines for us stocks and particularly tech names with the nasdaq composite comp down 481 points or 39 meta meta and its socialmedia peers have been on a rocky ride this year amid concerns about the impacts of inflation and other economic challenges on advertiser activity the company logged its firstever yearoveryear drop in revenue during the june quarter with executives saying they expected broad effects on the advertising business and planned to cut costs given the climate read meta is one of today’s worst sp 500 performers but these 5 other stocks have lost 387 billion in value the stock ended at 15585 on june 22 for its lowest close of 2022 and while shares traded below that level at times in tuesday’s session they’ve pared losses somewhat and recently changed hands at 15632 shares of meta have slid 54 over the course of 2022 other socialmedia names were falling sharply as well including snap inc snap  off 59 and pinterest inc pins  down 36 addependent alphabet inc goog googl  which runs the youtube platform and the google suite of services has seen its shares decline 43 despite jitters about the advertising industry paymenttechnology companies have indicated that spending remains strong even if consumer confidence is pressured “consumer spending has been remarkably stable” visa inc’s v chief financial officer said at a monday conference separately mastercard inc ma released spending data showing 117 yearoveryear growth in august retail sales exclusive of autos the socialmedia stock bucking tuesday’s trends is twitter inc twtr  but that stock’s immediate future is less tied up in adindustry dynamics given the company’s merger saga with tesla inc tsla chief executive elon musk musk is seeking to terminate his 44 billion deal for the company and a judge will rule on the situation in october but twitter scored a win in its favor tuesday as it said that shareholders had voted to approve the acquisition twitter must still take the matter to court but investors seem to feel incrementally positive as twitter shares are ahead 21 in tuesday’s tough market action twitter is the secondbest performer in the sp 500 spx tuesday behind only chemical manufacturer albemarle corp alb