Facebook's $232 billion fall sets record for largest one-day value drop in stock market history
- Facebook lost more than $232 billion in value.
- The previous record for amount of market capitalization lost in one day was Apple's $182 billion loss in September 2020.
- Facebook's decline came after it reported weaker-than-expected first-quarter revenue Wednesday.
Facebook parent Meta lost more than $232 billion in value Thursday. That's the biggest one-day drop in value in the history of the U.S. stock market.
Meta's plunge, based on a weaker-than-expected revenue forecast, 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 occurred in the last two years, as Apple, Microsoft, Tesla and Amazon have ballooned in valuation. Prior to 2020, the largest drop was from Facebook — a $119 billion decline in 2018. That also occurred after Facebook forecast revenue below analyst estimates.
Meta's drop in value comes as the company is looking past its current businesses, such as Facebook, Instagram and WhatsApp, and toward the metaverse, a virtual world based on new technology. Chief Executive Officer Mark Zuckerberg announced Wednesday Meta had a net loss of $10 billion in 2021 attributable to Meta's investment in the metaverse.
The following is a chart of the largest one-day valuation drops in U.S. stock market history since July 2018:
— CNBC's Nate Rattner assisted with this story.
CORRECTION: This article has been updated to correct the value of Meta's market capitalization loss on Thursday.
U.S. states where homeowners pay the most in property taxes—California isn't in the top 5
I took a 2-day vow of silence and stopped using my phone—here's what it taught me about happiness
Verizon CEO swears by 1-question morning routine: It gets you into the 'right mood and right energy'
How to get a grant to help you pay off your student loan debt
The U.S. federal government is headed into a shutdown. What does it mean, who’s hit and what’s next?