Facebook parent company Meta’s stock value plummeted more than 26 percent on Thursday causing it to lose more than $200 billion, following a quarterly earnings report highlighting its first-ever drop in daily users.
The social media giant’s quarterly earnings report revealed its daily users dipped by nearly half a million during the last three months of 2021, transmitting fear to investors.
Meta’s stock dipped 22.5 percent on Wednesday following the decrement in users. However, the number continued to decrease, hitting 26.3 percent by Thursday night, a steady 85-point decline.
CEO Mark Zuckerberg reportedly blew about $24 billion from his net worth.
Nonetheless, other Big Tech giants reported tremendous earnings, exceeding expectations.
Apple saw its greatest quarter yet; despite dealing with supply chain issues, it saw an 11 percent sales jump, generating nearly $124 compared to the prior year.
For the first time, Google parent Alphabet also reported their annual revenue exceeding $200 billion.
Despite Facebook’s, unfortunate numbers following a flood of scandals, including baseless censorship and interference in the 2020 presidential election. On the other hand, shareholders of Digital World Acquisition, the parent company of Trump Media & Technology Group (TMTG), saw a 14 percent surge Wednesday.
American’s excitement for the Feb. 21 launch of Trump’s new social media platform, Truth Social, could be credited for the spike in gains.
Trump announced the creation of a new free speech platform after being unfairly banned as sitting president from Twitter and Facebook.
Following the much-anticipated announcement, stock in TMTG soared and was roughly valued at $5.8 billion following the merge with Digital World Acquisition.
Truth Social is slated to launch later this month.