Meta’s market value just fell more than most companies

Of the company shares closed down more than 26% as of midday Thursday, eliminating nearly $240 billion from its market value, after a raw income statement released after trading on Wednesday.
Not only do Meta (Facebook) reported a rare and worse-than-expected drop in profits for the last three months of last year, it posed a flurry of challenges to its core advertising business and disclosed numbers for the first time. money it loses when converting into the metaverse. The company also reported a slight but noticeable decline in daily active Facebook users in the United States and Canada from the previous quarter.

The amazing drop in value is a reminder of just how huge the tech giant really is. Meta’s market cap has now dropped by an amount greater than the combined valuation of most public companies.

Meta shares plummet 20% after posting rare profit drop

Meta’s lost market value is more than the combined market capitalization of companies like Oracle and Cisco and roughly equal to Disney’s total. To put it bluntly, Meta has just seen its market value fall more than that of most public companies.

It’s also been a tough day for Meta CEO Mark Zuckerberg, who is by far the company’s largest individual shareholder. Zuckerberg owns more than 398 million shares of Meta, or 14.2% of the company’s total outstanding shares, according to the company. filing with SEC from February 2021, the most recent records available.

When Meta’s share price plummeted on Thursday, the value of Zuckerberg’s stake in the company fell by more than $30 billion.

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