Saturday, July 13, 2024

Meta shares fall nearly 25%, erasing $200 billion off its value

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NEW DELHI: Shares of Facebook parent company Meta Platforms crashed more than 25 per cent on Thursday, biggest in stock market history.
The fall is likely to wipe out $200 billion worth its value.
At 21.45 IST, shares of Meta was down 24.58 per cent at $245 on the Nasdaq.
Newly renamed Meta is investing heavily in its futuristic “metaverse” project, but for now, relies on advertising revenue for nearly all its income.
So when it posted sharply higher costs but gave a weak revenue forecast late Wednesday, investors got spooked.
This is by far the biggest collapse in market value for any US company. But there’s no certainty the losses will hold, especially given the recent volatility that’s whipped across technology shares.
Markets have swung wildly in recent weeks, with buy-the-dip traders sometimes storming in during the final hours of the trading day.



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