Facebook lost more than $232 billion in value following the announcement of the company losing daily users for the first time ever. The humiliating 26 percent drop in the company’s stock price set a record for the largest one-day loss in market value ever in history. The loss is $50 billion more than the previous record holder, Apple’s one-day loss in September 2020 of $182 billion.
CNBC reports that Facebook set a new record this week by losing more than $232 billion in market value following the announcement that the company lost global daily users for the first time ever. Facebook’s loss of $232 billion in value on Thursday is the biggest one-day drop in value in the history of the U.S. stock market.
The stock price plunge was based on the company’s weaker-than-expected revenue forecast and topped the prior record set by Apple when it lost $182 billion in market value in September 2020.
The seven biggest drops in stock market history have all taken place over the past two years, with tech firms like Apple, Microsoft, Tesla, and Amazon rapidly increasing in valuation. Facebook was already on the leaderboard for the largest value drop in 2018 when it lost $119 billion in market value. (Read More…)