By Noel Randewich

(Reuters] – Meta Platforms Inc’s Quarterly Earnings Miss and Poor Forecast on Wednesday caused a panic among social media stockholders and threatens to smother a Wall Street Tech selloff.

Meta fell 21% in the wake of its quarterly report. It lost about $200 million worth of stock market capital. This would be the worst loss in one day since 2012 Wall Street debut.

Facebook, Instagram’s founder and owner stated it expects current-quarter revenues between $27 billion to $29 billion. That is less than the $30 billion consensus analyst estimate.

Twitter Inc (NYSE:) And Pinterest (NYSE:) Inc both fell about 10% and zapped over $4 billion market capitalization. Snap Inc Stock market values fell 18% in the NYSE:, and lost $9 billion

This is an extremely unforgiving environment, and it is possible that this overreaction is for companies with solid balance sheets. But we are seeing clearly that investors are skittish and they will hit the sell button first and ask questions later,” said Michael Farr, chief executive of Farr, Miller & Washington LLC.

Amazon.com Inc (NASDAQ) fell 3% in extended trading ahead of Thursday’s quarterly report. Alphabet Inc (NASDAQ) fell 1.9% after losing a part of the 7.5% rally earlier in Tuesday following its explosive quarterly report.

Meta had a short interest of almost $8 billion in the morning, which is 1% of the company’s total float. According to S3 Partners, this suggests that Meta sellers are on the rise.

Nasdaq futures fell 1.8%. This signals that investors can expect a fall when Nasdaq trading opens on Thursday.

“It’s a sign of decelerating growth, and people don’t like to see that with growth stocks,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.

Recent sessions have seen the Nasdaq rebound from January’s worst since 2009. Investors had sold technology stocks and other growth stocks in recent months because they were concerned about the rising interest rate.

The Nasdaq continues to fall about 10% since November’s record closing. Meta fell 34% on Wednesday to $253 at its most recent close, compared with its September record-setting high close.