Meta Posts Record $232 Billion Market Value Drop in U.S. History
Meta loses a historic $232 billion in market value following a weak revenue forecast, marking the largest single-day plunge ever recorded in the U.S. stock market. The massive drop surpasses Apple's previous record as the company faces heavy financial losses from its metaverse investments.
Meta loses more than $232 billion in market value in a single day, setting an all-time record for the biggest drop in U.S. stock market history. This historic plunge surpasses the previous record of $182 billion held by Apple since September 2020. The massive decline occurs after Meta issues a weaker-than-expected revenue forecast.
The seven largest one-day valuation drops in stock market history all take place within the last two years as tech giants like Apple, Microsoft, Tesla, and Amazon experience massive valuations. Before 2020, the largest drop also belonged to Facebook when it lost $119 billion in 2018 following a similarly disappointing revenue projection.
This staggering loss coincides with Meta's strategic shift away from its current social media apps and toward the metaverse. CEO Mark Zuckerberg reveals that the company takes a net loss of $10 billion in 2021 solely due to its heavy investments in this virtual world technology.