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Shares of Facebook parent Meta fell over 25% on Thursday—erasing over $230 billion in market value for its worst trading session in history—after the company’s dismal quarterly earnings report showed declining users and surging expenses related to the company’s metaverse project.

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Shares of Facebook parent Meta Platforms are on pace for their biggest one-day drop ever, falling over 25% and erasing more than $230 billion in market value.

The sharp drop in the company’s market capitalization, which now stands at around $670 billion, is on pace to be the biggest wipeout ever in US market history, according to Bloomberg data.

Shares of Meta plunged following a dismal quarterly earnings report in which the company issued weaker-than-expected revenue guidance and warned of several challenges to its business this year.

Investors dumped shares of the tech giant after being alarmed by both declining user growth and rising expenses tied to the company’s focus on augmented and virtual realities.

Making matters worse, Meta reported that Facebook lost daily users for the first time in its history as business on its core platform slowed, and executives blamed increased competition from the likes of TikTok for its decline.

What’s more, Zuckerberg has shifted more of the company’s resources into building out his idea of ​​the metaverse: Facebook spent over $10 billion along these lines last year and is expecting a “meaningful increase” in similar expenses for 2022.