Meta's value has plunged by $700 billion. Wall Street calls it a "train wreck."

Facebook parent Meta Platforms is making a huge investment in virtual reality, but its actual reality is looking like a real disaster. 

Meta shares tumbled 24% on Thursday to its lowest level in nearly four years following an earnings report that one Wall Street analyst described as a "train wreck." It's a far cry from the company's position nearly a year ago, when CEO Mark Zuckerberg on October 28, 2021, announced with great fanfare that Facebook was changing its name to Meta Platforms to emphasize its focus on the "metaverse."

Last fall, Facebook was still riding high: Its market value reached a peak of more than $1 trillion in September 2021. Revenue and profits were surging as advertisers flocked to Facebook and Instagram to reach their billions of users.