Facebook Loses $200 Billion In 24 Hours
Facebook’s parent company, Meta Platforms, has lost nearly $200 billion in value after their stocks crashed 24% in the US stock market.
Meta Platforms had reported disappointing earnings results on Wednesday evening, announcing that it had failed to grow for the first time since the company’s inception.
The bad news caused the price of the stocks to plunge massively when trading opened on Thursday.
Bloomberg reports that it is the biggest collapse in market value for any US company, but there is hope as the drop may not hold for long due to the recent volatility in tech stock across the US.
Meta reported a decline in its daily active users for the first time ever. The company reported that about 3 per cent of worldwide monthly active users in the fourth quarter consisted solely of violating accounts while duplicate accounts may have represented about 11 per cent of usage.
The last time a tech company experienced such a dramatic loss was in September 2020, when Apple lost $180 billion from its market valuation.