Meta, formerly Facebook, faces historic drop as stock tanks
NEW YORK (AP) — 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 shares fell more than 23% to $246.76 in early trading Thursday, lopping off more than $200 million of its market value.
A drop that big would be the largest ever for a company on a single day.
Besides investing heavily in its futuristic “metaverse” project, Meta faces declining ad revenue due to privacy changes by Apple and increased competition from TikTok.
