Facebook parent Meta’s $230-billion wipeout biggest in the US market history.
There has been a big loss in the history of the US market with the biggest kind of wipeout as Facebook’s parent Meta lost $230 billion. The shares were already plunged to 27 % and Thursday records the biggest collapse that just degraded the total market value of the company.
It is one of the biggest things to happen in the history of the US market. This was an instant decline in the history of the stock market disappointing a lot of investors who are just not able to think of any possible way to cover the loss.
Are the good days of using Facebook are over? This is the one part that puts a lot of questions in the minds of the investors. The sales of the quarter have also disappointed Wall Street and Mark Zuckerberg, who is the Chief Executive Officer of Facebook. Facebook with time has been used by a lot of users across the globe and has been facing some serious competition in attaining the attention of the users.
Every day it is becoming a serious concern for all the people involved, the wipeout that has been done in the figures of billion is hence a big event to take place in the stock market of US. This wipeout has shown for the first time the falling of the daily users of Facebook for the first time ever in history.
The CEO of Meta along with Mark Zuckerberg said on Wednesday evening that the earnings of Meta were likely to remain under the pressure due to the serious competition of other social media apps in the country like Tik Tok which has been one of the most viral kinds of the platform which has been increasing the number of its users on daily basis. Meta released the results after the figures that were observed on Wednesday’s market.
After the closing of the market on Wednesday, Meta announced the decline in the figures of the revenue that were much lower than was expected along with the decline in the users of the platform of Facebook for the first time in the history of 18 years.
Mark Zuckerberg has also been deeply affected by the wipeout that has happened and is considered the worst for him as he just lost $29 billion overnight. The stock of Meta has been greatly pressured this week also because of the rising competition with other apps. When the Meta was closed after the Wednesday market, it was closed on the figures of $323 billion.
At the time of 9:34 am ET on Thursday which is around 8:04 am IST, the stock of Meta was lower by the per cent of 25.6 at the figures of $240.31 billion.On daily basis, the users of Facebook have been falling down to the level of 1.93 billion and the company has made a note of their first quarterly fall.
Till today, this collapse of Meta has been considered one of the biggest drops ever in the US market. The capitalization of Meta’s market consists of the value of all the shares that have been combined which also went down from $898.5 billion to the figures of $668.4 billion. Before this major drop, there was one drop that happened with Facebook in the year of 2018 when the company Meta lost $121 billion from the value just in one day and this was one of the biggest drops.
The CEO of Meta was highly disappointed by the forecast of the sales of the quarters and observed a great wipeout from his net worth.
Mark Zuckerberg had the opinion that people have a lot of ways in which they want to spend their time and make the most of that time and with time a lot of apps have been emerging giving people different kinds of ways like the app of Tik Tok which is the one kind of an app that has been growing very fast from the time it has been introduced.
There is something unique about that app because of which it has been considered a serious competitor to Meta. The current loss is a big decline for Meta and there is no certainty of the loss that has been made when the recent volatility is just removed from the shares of technology.
Edited and published by Ashlyn Joy
