Meta shares crash 26% in the biggest single-day wipeout in history!
Facebook owner META, loses 26% of its shares on Thursday (3rd February 2022). They lost the shares after the social media giant issued a dismal forecast, blaming Apple Inc’s privacy changes and increased competition. This drop erased over $200 billion from Meta’s market capitalization and around $29 billion from the CEO’s Mark Zuckerberg’s net worth!
Laura Hoy, an equity analyst at Hargreaves Lansdown said that “Meta CEO Mark Zuckerberg may be keen to coax the world into an alternate reality, but disappointing fourth-quarter results were quick to burst his metaverse bubble.”
Other social media stocks were also hit hard on Thursday, including Twitter, Pinterest and Spotify. Spotify has been beset by a row over COVID-19 vaccination misinformation and also released disappointing results.
Let’s hope that Facebook recovers from the loss soon!
Good luck to them!