Meta, formerly Facebook, faces historic drop as stock tanks
Shortpedia
Content Team
Image Credit: reuter
Shares in Facebook parent company Meta are in the midst of their worst day ever Thursday after the social media giant reported a rare decline in profit due to a sharp increase in expenses as it invests heavily in its transformation into a virtual reality-based company. Meta's shares fell more than 23% to $246.76 in early trading Thursday, lopping off more than $215 billion of the company's overall value, known as its market capitalisation.
