Facebook Suffers Biggest One-Day Value Drop of Any US Company in History

Facebook parent company Meta shed more than $220 billion in market capitalization on Thursday, the largest such single-day decline for a U.S. company in history.

Meta’s stock closed down more than 26% on Thursday, an 85-point decline. The drop was largely driven by a quarterly earnings report that found the company was hemorrhaging daily users for the first time in its history. CEO Mark Zuckerberg personally lost about $24 billion.

Meta’s crash drove declines across the stock market, with the tech-heavy Nasdaq composite dropping by 3.74%.

The much-anticipated report said that daily Facebook users declined by about a half-million in the last three months of 2021, which many investors saw as a sign that the global reach of the social media company might be peaking or has already peaked. (Read more from “Facebook Suffers Biggest One-Day Value Drop of Any US Company in History” HERE)

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