| 27 September 2022, Tuesday |

Facebook owner Meta sees biggest ever stock market loss

Meta Platforms, Facebook’s parent company, had its stock market value plummet by more than $230 billion (£169 billion) on Thursday, a record day loss for a US company.

Its stock dropped 26.4 percent after quarterly results disappointed investors.

Meta also claimed that Facebook’s daily active users (DAUs) had fallen for the first time in the company’s 18-year existence.

According to the Bloomberg Billionaires Index, the company’s share price decline reduced CEO Mark Zuckerberg’s net worth by $31 billion.

Mr. Zuckerberg’s personal worth plummeted by the same amount as Estonia’s yearly GDP.

Even with that dip, Mr Zuckerberg has an estimated net worth of about $90 billion, making him one of the world’s richest individuals.

This comes after Meta showed that Facebook’s DAUs declined to 1.929 billion in the three months ending December 31, compared to 1.930 billion in the previous quarter.

This was the first time this metric of activity on the world’s largest social network has been reversed.

Meta has warned of slower revenue growth due to competition from competitor platforms such as TikTok and YouTube, as well as a reduction in advertising expenditure.

Mr. Zuckerberg stated that the company’s sales growth had been hampered because audiences, particularly younger users, had defected to competitors.

The corporation forecasted revenues of $27 billion to $29 billion for the first quarter of this year, which was lower than experts predicted.

Despite investments in video services to compete with TikTok, which is controlled by Chinese internet firm ByteDance, the corporation generates less money from those offers than it does from its standard Facebook and Instagram feeds.