Biggest stock market loss for Facebook’s parent Meta, affects Zuckerberg net worth
Meta has suffered the biggest stock market loss on Thursday. For the uninitiated, Meta is the owner of social media giant Facebook. The Meta platforms witnessed a steep fall in the stock market value which was reportedly of more than $230bn (£169bn yesterday. It was a huge disappointment for the investors to see that the shares fell 26.4% post the declaration of the quarterly figures.
As per Meta itself, the daily active users of Facebook also dropped for the first time in its history of 18 years. The loss of stock prices also reflected on Mark Zuckerberg’s net worth as it fell by $31bn revealed by Bloomberg. Interestingly, the loss that the Facebook founder suffered was equivalent to the annual gross domestic product of Estonia. Meta also revealed that Facebook’s DAUs fell to 1.929bn in the duration of the last three months till December.
The difference was considerably huge compared to the 1.930bn in the previous quarter. It made into the headlines faster than a bullet because it was the first time that the social media platform’s promotion process has gone reverse. It has never happened that Facebook had to go down a set range in its lifetime.
As per the company, the loss may be dedicated to a number of factors including emerging craze over platforms like TikTok and YouTube. Another factor is that even the advertisers are choosing different social platforms for business and not Facebook. Zuckerberg believes that the younger audience on Facebook left the platform for other applications that they find better to spend time on.