Meta's share price wipe-out shakes world tech stocks
Zee News
It was also a popular stock for retail investors, who appeared to be enthusiastically buying the dip.
New Delhi: Shares of Facebook owner Meta plummeted 26% on Thursday, the biggest single-day slide in market value for a U.S. company, after the social media giant issued a dismal forecast, blaming Apple Inc`s privacy changes and increased competition.
The huge drop, erasing over $200 billion from Meta`s market capitalization and around $29 billion from Chief Executive Officer Mark Zuckerberg`s net worth, spilled over to the broader technology sector and dragged the Nasdaq Composite Index lower. It was the biggest slide in market value for a U.S. public company, according to a Reuters analysis of Refinitiv data.
It marked the company`s worst one-day loss since its Wall Street debut in 2012.
