Illustration by Alex Castro / The Verge
The price of shares in Meta — the parent company of Facebook, WhatsApp, Instagram, and Meta Quest (fka Oculus) — has dropped more than 25 percent from the previous day’s close, the morning after it revealed its first-ever sequential decline in Facebook’s daily active users. After closing at $323 Wednesday, they dropped as low as $238.90 before recovering slightly.
Image: Google
Bloomberg reports that the $200 billion plunge may rank as the biggest single-day drop in market value ever, as Meta struggles with waning relevance among young people and CEO Mark Zuckerberg refocuses its aim toward “metaverse” plans.
Meta wasn’t the only company having a rough Thursday; the entire Nasdaq exchange was off by nearly 2 percent…
