Meta Makes a New Record of Largest One-Day Wipeout

Meta previously know as Facebook on Thursday made a new record of “largest one-day wipeout in US corporate history” after they posted their shocking earnings report on Wednesday. According to the report their valuation has taken a nose dip and gone down by nearly $240 billion as their shares fell 26.4%.

The nose dip is not a new thing for Facebook, as they already had the record of largest one-day wipeout in value. Back in July 2018, in their second-quarter the company face the loss of $119 billion earnings in market capitalization in a single day. That was the biggest slump of that time.

Meta in their report has said that they faced their first ever retrenchment in their user base. They confessed to their loss, in their fourth-quarter earnings reports on Wednesday. They further added they also faced operating losses of almost $ 10 billion in their budding metaverse business.

Earlier on Wednesday Meta had the net worth value of $898.5 billion when the Wall Street closed, but after the nose dip of 26.4%, Meta valued at $661.4 billion. It suffered a total loss of $237.1 billion.

After the slump back in 2018, Facebook came out, so we can expect the same from Meta that they will recover from this nose dip.

Also Read: Apple iOS privacy change will hit Facebook with $10 billion Loss

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