Meta Stock Drops 26% Wiping Nearly $240 Billion From its Market Cap

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Meta Stock Drops to 26% Wiping Nearly $240 Billion From its Market Cap
Meta Stock Drops to 26% Wiping Nearly $240 Billion From its Market Cap

Meta company, formerly known as Facebook, changed its name in October of 2021, just had its worst trading day in the public company’s history. 

Meta Losses Nearly $240 Billionaire n From its Market Value

According to market analysis on February 3, Stock of the company closed down more than 26% on Thursday, wiping nearly $240 billion from its market value after a rough earnings report was released after the close on Wednesday.

Meta (FB) not only reported a rare and lower-than-expected drop in earnings for the last three months of last year, but also presented a series of challenges to its core advertising business and announced its funding for the first time. Lost the shift to the Metaverse. The company also reported a slight decrease in daily active Facebook users in the US and Canada compared to the previous quarter.

The striking drop in value is a reminder of just how big the tech giant is. Meta’s market cap, meanwhile, has fallen by more than the combined valuations of most publicly traded companies.

Meta’s market cap loss exceeds the combined market cap of companies like Oracle and Cisco and is nearly equal to Disney’s combined market cap. Frankly, Meta’s market cap has fallen more than most publicly traded companies.

Zuckerberg Out of The world’s Ten Richest People in World

It’s also been a rough day for Meta CEO Mark Zuckerberg, the company’s largest single shareholder by far. Zuckerberg owns more than 398 million Meta shares, or 14.2% of the company’s total outstanding shares, according to the most recent SEC filing in February 2021.

When Meta’s share price plummeted on Thursday, Zuckerberg’s stake in the company fell by more than $30 billion. According to Bloomberg, the crash dragged Zuckerberg out from the ranks of the world’s ten richest people for the first time since 2015.