Mark Zuckerberg loses $32 billion as shares plummet

  • Home
  • Economy
  • Mark Zuckerberg loses $32 billion as shares plummet


Facebook CEO Mark Zuckerberg speaks at Georgetown University, in Washington, on Oct. 17, 2019.
  • Shares of the social media giant were down more than 26% Thursday.
  • The New York State Common Retirement Fund lost $470 million.
  • The California Public Employees Retirement System lost $440 million.

Facebook’s parent company, Meta Platforms, just did a face plant on Wall Street.

Shares of the social media giant were down more than 26% Thursday, the first day of trading after Meta reported a decline in profit and users during the last three months of 2021 – and most tellingly, forecast revenue declines in the current quarter.

Meta’s market value fell more than $230 billion to a market capitalization of about $661 billion. The company’s market cap had been $898.5 billion early Thursday.

The loss is the largest one-day decline in U.S. history, The Wall Street Journal reported.

Last summer, when the company was still known as Facebook, the company became only the fifth U.S. company to achieve a market value surpassing $1 trillion – the others being Apple, Microsoft, Amazon and Google parent Alphabet.





Source link

Leave A Comment

Chinese (Simplified)EnglishFrenchItalianPortugueseRussianSpanish