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Facebook owner Meta loses users and USD 200B in value

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Facebook and Instagram's parent Meta saw the biggest ever market loss on Wednesday to early Thursday (US Time).
Facebook owner Meta loses users and USD 200B in value
Meta CEO Mark Zuckerberg (Photo from CNET)

Largest one-day wipeout in US corporate history!

In its fourth-quarter earnings report, Facebook reported that its daily active user base shrank for the first time in its history. Meta's 26.4 percent stock slump on Thursday with a loss of USD 237.1 billion.

When Wall Street closed on Wednesday, Meta's value was at USD 898.5 billion, however, on Thursday, the market closed leaving the company's value at USD 661.4 billion. 

In September 2020, Apple set the record for a one-day drop in market value. The company lost around USD 182 billion amid a broad tech selloff.

In a report by The Washington Post, Meta CEO Mark Zuckerberg said competitors like TikTok have drawn off users. 

People have a lot of choices for how they want to spend their time, and apps like TikTok are growing very quickly, Zuckerberg said. 

Zuckerberg, who has been No. 7 on Bloomberg's Billionaires, had already seen a decline of USD 4.9 billion in 2022. 

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