Facebook sees large drop in market value

Facebook or what is now Meta plummeted in value by over 20% after the companies latest quarterly earnings report showed that the company is hemorrhaging daily users.

The earnings report showed more than a $200 billion decline in market value, the largest one day decline in market value for a U.S. company in history.

The report stated that Facebooks users declined by about a half million just in the last three months of 2021 alone.

This is more than just a US phenomenon with the company reporting losses of user-ship in Latin America, Africa, and other countries as well.

Mark Zuckerberg, in a statement said “Although our direction is clear, it seems that our path ahead is not quite perfectly defined.”

Zuckerberg himself, who has helmed the company since its founding nearly two decades ago, lost about $24 billion of his net worth during the stock’s slump.

Late last year, Zuckerberg announced that the company would rebrand itself as Meta in a nod to the so-called “metaverse,” which is a term for a theoretical digital world. The company has recently focused more of its resources on furthering the metaverse and augmented reality.

 

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