META Platforms, the company that owns Facebook, yesterday, had its stock market value fall by more than $230 billion (£169 billion), a record daily loss for a US firm.
Its stock dropped by 26.4 percent after the company’s quarterly results disappointed investors.
According to Meta, Facebook’s daily active users (DAUs) have declined for the first time in the company’s 18-year history.
The Bloomberg Billionaires Index also reveals that the Mark Zuckerberg’s net worth has dropped by $31 billion as a result of the company’s share price decline.
Zuckerberg’s personal fortune plummeted by an amount equal to Estonia’s annual gross domestic product.
This comes after Meta disclosed that Facebook’s DAUs dropped to 1.929 billion in the three months at the end of December, as compared to 1.930 billion the previous quarter.
It was the first time this measure of activity on the world’s largest social network has gone in the opposite direction.
Meta also warned that revenue growth would decelerate as a result of competition from competitor platforms such as TikTok and YouTube, as well as advertisers pulling back on spending.
Zuckerberg revealed that the company’s sales growth had been hampered by audiences, particularly younger users, defecting to competitors.
Revenues for the first quarter of this year are estimated to be between $27 billion and $29 billion, which is lower than analysts had predicted.
Despite investing in video services to compete with TikTok, which is owned by Chinese technology firm ByteDance, the corporation makes less money from those offers than it does from its standard Facebook and Instagram feeds.
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