Meta, the company formerly known as Facebook, suffered its biggest one-day wipeout ever Thursday as its stock plummeted 26% and its market value plunged by more than $230 billion
Mark Zuckerberg, chief executive of Facebook, testifies before the House Financial Services Committee on Capitol Hill in Washington, Oct. 23, 2019. The company formerly known as Facebook has hit major turbulence as it suffered its biggest one-day wipeout ever. (Pete Marovich/The New York Times)
Meta, the company formerly known as Facebook, suffered its biggest one-day wipeout ever Thursday as its stock plummeted 26% and its market value plunged by more than $230 billion.
Its crash followed a dismal earnings report Wednesday, when chief executive Mark Zuckerberg laid out how the company was navigating a tricky transition from social networking toward the so-called virtual world of the metaverse. On Thursday, a company spokesman reiterated statements from its earnings announcement and declined to comment further.
Here are six reasons that Meta is in a difficult spot.
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