Facebook’s parent company Meta set a new record for the largest one-day valuation drop in stock market history.
Highlights
- Facebook parent Meta lost more than $237 billion in value Thursday.
- That’s the biggest one-day drop in value in the history of the U.S.
- stock market.
- The company’s plunge topped the prior record set by Apple, when it lost $182 billion in market value in September 2020.
- The seven biggest drops in stock market history have all occurred in the last two years, as Apple, Microsoft, Tesla and Amazon have ballooned in valuation.
- Facebook’s parent company is looking past its current businesses, such as Facebook, Instagram and WhatsApp, and toward the metaverse, a virtual world based on new technology, Mark Zuckerberg announced Wednesday.