Facebook’s Meta Loses USD $ 230 B in Historic Wipeout

Facebook parent Meta plunged as much as 26% at the open, erasing more than $230 billion in market value — on pace for the biggest wipeout ever in U.S. market history.

Facebook’s user base faltered last quarter, the first stagnation in the company’s history — just one bad metric of several in a dire earnings report. CEO Mark Zuckerberg, who saw his personal wealth potentially plummet about $24 billion, acknowledged that Meta is facing serious competition for user time and attention, particularly from TikTok.

It’s a dramatic turnaround for a company that has posted share gains in every year but one since its 2012 IPO.