02-04-2022, 10:23 AM
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A historic plunge in the stock price of Facebook’s parent company has erased more than $230bn in its market value, easily the biggest one-day loss in history for a US company.
The 26.4% wipeout in Meta comes amid concerns about its future after the company reported its first ever drop in daily user numbers in its Wednesday earnings report.
Facebook rebranded to Meta last year as part of its strategic pivot to becoming a virtual-reality based company. The company has also been hit hard by privacy changes at Apple, which Facebook has said it expects will cost them billions in lost sales.
The slump in stock price has sent Mark Zuckerberg’s personal wealth tumbling by nearly $30bn.
Meta’s stock fall marked the biggest slide in market value for a US public company, according to a Reuters analysis of Refinitiv data.
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