Meta's market value just dropped by more than most companies are worth
CNN
Meta Platforms, the company formerly known as Facebook, is on pace for what would be the worst trading day in its history as a public company.
The company's shares were down as much as 26% as of midday Thursday, shaving off about $225 billion from its market value, after a rough earnings report released after trading hours on Wednesday.
Not only did Meta (FB) report a rare and worse-than-expected profit decline during the final three months of last year, it laid out a series of challenges to its core advertising business and revealed for the first time just how much money it's losing on its shift to the metaverse. The company also reported a slight-but-striking decline in daily active Facebook users in the United States and Canada from the prior quarter.