The company formerly known as Facebook has hit major turbulence as it suffered its biggest one-day wipeout ever.
By Mike Isaac
Mike Isaac, who reports from the San Francisco Bay Area, has covered Facebook for more than a decade.
Meta, the company formerly known as Facebook, suffered its biggest one-day wipeout ever on Thursday as its stock plummeted 26 percent and its market value plunged by more than $230 billion.
Its crash followed a dismal earnings report on Wednesday, when Mark Zuckerberg, the chief executive, laid out how the company was navigating a tricky transition from social networking toward the so-called virtual world of the metaverse. On Thursday, a company spokesman reiterated statements from its earnings announcement and declined to comment further.