Meta crash leaves Mark Zuckerberg ‘USD 24 billion poorer’
Image Credit: the hindu businessline
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 — and knocked almost USD 200 billion off the valuation of the company formerly known as Facebook. Meta’s shares fell over 25% to USD 249.90 in afterhours trading.