Facebook (Meta) lost $237.6 billion in value on Thursday. This is the highest one-day decline in the US Stock Market history.
Meta’s drop, based on a weaker-than-anticipated revenue prediction, crossed the earlier record of Apple, when Apple lost $182 billion in the stock market value in Sept 2020.
The seven highest declines in US stock market history have all happened in the previous two years.
Before 2020, the largest decline was from Facebook of $119 billion drop in 2018.
Facebook’s decline in value comes as it is looking beyond its current businesses and toward the metaverse.
CEO of Facebook, Mark Zuckerberg announced on Wednesday, “Meta had a net loss of $10 billion in 2021 attributable to Meta’s investment in the metaverse.”