Meta Loses $252 Billion, The Biggest Wipeout In Stock Market History
Love it. Now, if only this meant Zuckerberg’s Facebook/Instagram would be pulled offline and wiped off the face of the earth forever. Sadly, he’ll of course find a way to stick around and continue to destroy society. Via Bloomberg:
Meta Platforms Inc.’s one-day crash now ranks as the worst in stock-market history. The Facebook parent plunged 26% in U.S. trading Thursday on the back of poor earnings results, and erased about $252 billion in market value. That’s the biggest collapse in market value for any U.S. company. But there’s no certainty the losses will hold in the coming days, especially given the recent volatility that’s whipped across technology shares.
Still, analysts were bleak in their assessments, pointing out that Meta faces stiff competition from rivals like Tiktok and revenue was far lower than expected. Michael Nathanson, an analyst at brokerage Moffett Nathanson, titled his note “Facebook: The Beginning of the End?”
“These cuts run deep,” he wrote. The results were “a headline grabber and not in a good way.”
The sheer size of Facebook’s collapse illustrates just how tech companies have ballooned in size to become behemoths with unprecedented market power, and the drama that can ensue when they stumble. Another way of illustrating the decline: Meta’s decline would be more than the market value of over 460 of the S&P 500’s members.
