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Facebook owner Meta encounters highest stock market loss ever

On Thursday, Meta PlatformsFacebook owner Meta, had its stock market value plummet by more than $230 billion (£169 billion), a record daily loss for a US company.

Its stock dropped 26.4 per cent after the company’s quarterly results disappointed investors.

Facebook’s daily active users (DAUs) have declined for the first time in the company’s 18-year history, according to Meta.

According to the Bloomberg Billionaires Index, chief executive Mark Zuckerberg’s net worth has dropped by $31 billion as a result of the company’s share price decline even after Facebook owner Meta went through a massive loss.

Facebook owner Meta
Facebook owner Meta encounters highest stock market loss ever 2

Mr Zuckerberg’s personal fortune plummeted by an amount equal to Estonia’s annual gross domestic product.

Even with that decline, Mr Zuckerberg still has a net worth of about $90 billion, making him one of the world’s wealthiest people.

That comes after Meta disclosed that Facebook’s DAUs dropped to 1.929 billion in the three months ending in December, down from 1.930 billion the previous quarter.

It was the first time this measure of activity on the world’s largest social network has gone in the opposite direction. On the eve of the 18th anniversary of Facebook’s creation, Facebook owner Meta stock price dropped.

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Pooja Singh
Myself Pooja Singh, I have done master's in Mass Communication & Journalism from Tezpur University. I am working here as a content writer. Being a media student I have nose for news. I am always keen and eager to learn new things so that my skills can be enhanced. I love to write about entertainment, politics, environment etc. so I turned my passion to profession.
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