Meta shares tank more than 24%, witnessing record fall in a single day

Shares of Meta closed down 24.6% to $97.94 Thursday, wiping out nearly $85 billion of the company’s market value and returning to levels not seen since 2016. The stock is now down more than 70% in 2022.

Meta’s revenue dropped 4% in the recently ended quarter, its second consecutive quarter of declining revenue, as the social-media giant battles growing competition from rival TikTok and fallout from Apple.


Download NBW: Short news app created for busy professionals like you

Get NBW App - a reimagined fluid short news experience that delivers you clarity and all the important news and trends from your industry. No signup needed !

Download NBW App (Android, iOS)

Sign Up for NextBigWhat Newsletter