Facebook Suffers Biggest One-day Drop in Market History
Facebook’s parent company Meta set a record for the biggest one-day drop in the history of the U.S. stock market, with more than $232 billion in value lost.
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.
Daily Facebook users declined by roughly half a million in the last three months of 2021, leading many investors to believe that the social media giant may have peaked.
The previous record-holder for the largest one-day drop in valuation was Apple which lost $182 billion in market value in September 2020.