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CloudFlare's stock price changes are related to narratives from the past 2 years rapidly fading, like the retail investing world finally learning what a CDN did right at the start of COVID, and expectations of the interest rate environment shifting. AFAIK there has been no material news to justify what's happening to its stock recently, other than many large players rushing to exit extremely crowded trades they all had in common.

There is currently a widespread fear that quantitative tightening could arrive very rapidly, with disastrous effects on high multiplier tech stocks and other debt-fuelled businesses. They've all been getting hammered in uniform since at least December.

Freefall is a bit unkind. It’s at the same price it was six months ago.

Furthermore, many other growth stocks have seen contractions based on macroeconomic policy.

Most growth stocks are in free fall right now, so that's not a meaningful point.

full disclosure, i am also a share holder and not exactly happy with that... fingers crossed things go better soon...

their stock is the same price as last year and up 5X in the last 2 years, not exactly free falling