Facebook Chairman and CEO Mark Zuckerberg testified at a hearing in the House Financial Services Committee in Washington on October 23, 2019.
Erin Scott | Reuters
Facebook parent Meta lost more than $ 237 billion in value Thursday.It is the biggest drop in one day in the history of the US stock market.
Meta’s dive, based on a weaker-than-expected revenue forecast, topped the previous record set by Apple when it lost $ 182 billion in market value in September 2020.
The seven biggest declines in the history of the stock market have all happened within the last two years, as Apple, Microsoft, Tesla and Amazon have risen in valuation.Before 2020, the biggest drop was from Facebook – a drop of $ 119 billion in 2018.It also happened after Facebook had predicted revenue under analyst estimates.
Meta’s decline in value comes as the company looks past its current businesses, such as Facebook, Instagram and WhatsApp, and towards the meta-verse, a virtual world based on new technology.
CEO Mark Zuckerberg announced on Wednesday that Meta had a net loss of $ 10 billion in 2021, which can be attributed to Meta’s investment in the metaverse.
The following is a chart of the largest declines in valuation in one day in the history of the US stock market since July 2018: