Anthony Quintano
The collapse of Meta (formerly Facebook) stock by more than 25 percent on Thursday, Feb. 2, was the largest single-day drop in the company's market value in the history of the stock market. The company's market capitalization lost $237.6 billion, CNBC reported.
The previous record for the largest single-day market capitalization loss belonged to Apple. In September 2020, it lost $182 billion of its value in a single day. Over the past two years, there have been seven of the biggest declines in stock market history, as Apple, Microsoft, Tesla and Amazon rose in value.
Before 2020, Facebook had the biggest one-day drop, with $119 billion in July 2018, when the stock collapsed after Facebook projected earnings below analysts' estimates.
Meta’s investors were disappointed by the company's report, in which it reported a decline in active users and revenue below forecasts. In trading on Thursday, the stock plummeted more than 25 percent. CEO Mark Zuckerberg announced Wednesday, Feb. 2, that Meta posted a net loss of $10 billion in 2021 related to Meta's investment in the metaverse. Meta is one of the largest technology companies in the world, its shares, along with those of Amazon, Apple, Netflix and Google, were named FAANG (after Facebook renamed Meta - MAANG). The capitalization of these five companies, together with Microsoft and Tesla, represented more than 25% of the total capitalization of companies in the S&P 500 Index, as of the end of 2021.
source: cnbc.com
The previous record for the largest single-day market capitalization loss belonged to Apple. In September 2020, it lost $182 billion of its value in a single day. Over the past two years, there have been seven of the biggest declines in stock market history, as Apple, Microsoft, Tesla and Amazon rose in value.
Before 2020, Facebook had the biggest one-day drop, with $119 billion in July 2018, when the stock collapsed after Facebook projected earnings below analysts' estimates.
Meta’s investors were disappointed by the company's report, in which it reported a decline in active users and revenue below forecasts. In trading on Thursday, the stock plummeted more than 25 percent. CEO Mark Zuckerberg announced Wednesday, Feb. 2, that Meta posted a net loss of $10 billion in 2021 related to Meta's investment in the metaverse. Meta is one of the largest technology companies in the world, its shares, along with those of Amazon, Apple, Netflix and Google, were named FAANG (after Facebook renamed Meta - MAANG). The capitalization of these five companies, together with Microsoft and Tesla, represented more than 25% of the total capitalization of companies in the S&P 500 Index, as of the end of 2021.
source: cnbc.com
