NFT Industry News

Facebook parent Meta’s stock drops sharply by about $200 billion

Mark Zuckerberg’s net worth plummeted by $30 billion on Thursday as Meta Platforms Inc’s (FB.O) stock dropped to a record low in a single day after a poor earnings projection.

Meta’s shares plunged 27 percent, wiping out more over $200 billion in value in the worst single-day market value wipeout ever seen by a U.S. firm. the Founder, Zuckerberg’s net worth was reduced to $85 billion as a result of the event.It was the worst one-day loss for the company since it went public on the stock market in 2012.

Investors were shocked when the company reported a bigger-than-expected drop in profits and a poor result late on Wednesday night. There was a big drop in Meta’s share prices today. They fell 26% to close at 5$237.76, the steepest one-day drop since Meta started trading in 2012.TT

The company said there was less time spent on Meta’s most profitable services, which meant revenue would slow down.

It said that inflation was a big factor in how much money advertisers spent. It also said that changes made by Apple Inc. last year would cost Meta some $10 billion this year.

The metaverse might be thought of as the internet brought to life, or at the very least portrayed in three dimensions. Meta CEO Mark Zuckerberg has defined it as a “virtual world” in which you may immerse yourself rather than just gazing at a screen for the most of the time.

This would be a place where individuals could connect, collaborate, and have fun while wearing virtual reality headsets, glasses,
using smartphone applications, or utilizing other technologies.

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