Fund Manager Says Social Media Stocks May See Further Sell-off

Fund Manager Says Social Media Stocks May See Further Sell-off

Patrick Armstrong, CIO at Plurimi Investment Managers, recently warned that social media stocks are likely to drop as more privacy issues emerge. Armstrong said that even though Facebook is presently at the epicenter of the privacy scandal, it is likely that similar occurrences have happened at other companies.

Armstrong added that he would be “shocked” if nothing were to follow Facebook’s scandal, and also said that Google’s Alphabet could not grow as big without having its own data privacy issues.

Armstrong pointed out however, that the possible sell-off could create better entry points for share prices.

Source: CNBC

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