Meta Suffered The Largest One-Day Plunge In U.S. Corporate History
Newsy
Because Meta is valued so highly, a big swing in its stock price can also sink or lift broader market indexes.
A historic plunge in the stock price of Facebook's parent company helped yank other tech stocks lower on Wall Street Thursday, abruptly ending a four-day winning streak for the market.
The 26.4% wipeout in Meta Platforms, as Facebook's owner is now known, erased more than $230 billion in market value, easily the biggest one-day loss in history for a U.S. company. The stocks of other social media companies including Twitter and Snap also fell.
Because Meta is valued so highly, a big swing in its stock price can also sink or lift broader market indexes. The S&P 500 fell 2.4%, its biggest drop in nearly a year. The tech-focused Nasdaq composite gave up 3.7%, its biggest loss since September 2020. The Dow Jones Industrial Average, which does not include Meta Platforms, fell 1.5%.
