Meta/Facebook Stock Market Loss 02-06-2022, 12:35 PM
#1
![[Image: _123129665_mark_zuckerberg_getty.jpg]](https://ichef.bbci.co.uk/news/976/cpsprodpb/DD74/production/_123129665_mark_zuckerberg_getty.jpg)
This will come as no surprise to many of us on this board, given the kind of audience we have here, but I still think this is worthy to post about.
After disappointing quarterly figures reached investors, Meta's shares fell by 26.4%. Overall, its stock market value went down by more than $230bn, which is apparently a record daily loss for a US firm.
This is alongside a fall in Facebook's daily active users - a first for them in their 18 year history. I'm a little surprised this was a first for them, but I think we all knew it was coming sooner or later.
Naturally, Zuckerberg's own fortune therefore dropped by $31bn. Rather amusingly, this BBC article compares the loss to the annual GDP of Estonia.
Code:
Even after that drop, Mr Zuckerberg has an estimated net worth of almost $90bn, which means he is still one of the richest people in the world.
That came after Meta revealed that Facebook's DAUs fell to 1.929bn in the three months to the end of December, compared to 1.930bn in the previous quarter.
It was the first time ever that this measure of activity on the world's biggest social network had gone into reverse.
Meta's stock market slump came on the eve of the 18th anniversary of the founding of Facebook.
Meta also warned of slowing revenue growth in the face of competition from rival platforms including TikTok and YouTube, while advertisers were also cutting spending.
Mr Zuckerberg said the firm's sales growth had been hurt as audiences, especially younger users, had left for rivals.
Facebook has massively dropped in popularity with today's youth, compared to other platforms. I wouldn't particularly want platforms like TikTok to see massive success either, thought I'm sure they will peak and fall one day too.