One of the biggest companies in the world, Meta, has had its stock price fall by a huge amount. Meta is Facebook’s parent company, and it also owns Whatsapp and Instagram. It fell by over 26% today, and the company lost over $230 billion in its market cap. Paypal and Netflix both also took a big hit recently, with Paypal’s happening yesterday. This is Meta’s biggest one-day decline ever, and it is more than the drop it saw in July of 2018, when it fell by 19%. It’s market cap is $660 billion now, putting it behind Warren Buffet’s Berkshire Hathaway. Meta reported weaker than expected revenue growth for the next quarter, and it said Apple’s new privacy changes are affecting it a lot. It will be interesting to see how Meta’s stock will play out, as more people are getting aware of the dangers of social media.
Did you know this?
Due to this huge decline in stock, most other tech companies also fell today, but they didn’t have as big of a drop as Meta.
Source: https://www.cnbc.com/2022/02/03/facebook-shares-plummet-22percent-after-reporting-weak-guidance.html
