ServiceNow shares fell approximately 4-5% after Meta Platforms announced its entry into the enterprise software market. [22, 24]
Meta confirmed the launch of a new enterprise platform and hired MongoDB's CEO to lead the new division. [22]
Investors reacted to the perceived competitive threat, even though Meta had not announced customers, pricing or revenue targets for the platform. [24] The selloff reflects concern about future competition in the workflow and enterprise software markets.