Facebook’s owner Meta sees its biggest ever market loss
Facebook’s owner Meta has seen its biggest ever market loss, to the tune of $230bn (£169bn).
This is a record daily loss for the US firm, which saw shares fall by 26.4 per cent.
The social media giant’s daily active users also dropped for the first time in its 18-year history, from 1.929bn in the three months to the end of December compared with 1.930bn in the previous quarter.
This marks the first time that the activity on the platform has dropped.
The record slump in share price saw creator and chief executive Mark Zuckerberg’s own personal fortune fall by $31bn - which is equivalent to the annual gross domestic product of Estonia - according to the Bloomberg Billionaires Index.
Mr Zukerberg’s net worth stands at around $90bn (£66bn), making him one of the richest people in the world.
The company said competition from its rivals including TikTok and YouTube was partly to blame for the slowing revenue growth, as well as the slashing of advertisement budgets.
Mr Zuckerberg said the firm’s sales growth had taken a hit, and said it had seen younger users leave for rival platforms.
Meta forecast revenues of between $27bn and $29bn for the first quarter of this year, which is less than forecast.
Meta’s share price slump also dragged on other social media platforms, including Twitter, Snap and Pinterest during Thursday’s regular trading session.
However Snap’s shares spiked by almost 60 per cent in after-hours trade as it reported its first ever quarterly profit.