Facebook’s $237.6 billion drop in value sets all-time record
[ad_1]
Mark Zuckerberg is the Chairman of Facebook and Chief Executive Officer. He testified at an hearing held by the House Financial Services Committee, Washington, on October 23, 2019.
Erin Scott | Reuters
Facebook Parent MetaMore than $237 billion was lost in value on Thursday. This is the largest one-day decline in stock market value history.
Meta’s plunge, which is based upon a weaker-than-expected revenue forecastThis record had been held by. Apple, when it lost $182 billion in market value in Sept. 2020.
All seven of the largest stock market drops have occurred within the past two years. Apple, Microsoft, TeslaPlease see the following: AmazonValuation has risen dramatically. Prior to 2020, the largest drop was from Facebook — a $119 billion decline in 2018.It also happened following Facebook forecast revenue below analyst estimates.
Meta’s value has dropped because the company looks beyond its existing businesses like Facebook, Instagram, WhatsApp and is moving toward metaverse. It is a virtual realm built upon new technology. Mark Zuckerberg, chief executive officer of Meta announced Wednesday that Meta will suffer a $10 billion net loss in 2021. attributable to Meta’s investment in the metaverse.
Below is a chart showing the biggest one-day drops in stock market valuations since July 2018.
[ad_2]