{"id":218537,"date":"2022-02-04T17:34:32","date_gmt":"2022-02-04T17:34:32","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=218537"},"modified":"2022-02-04T17:34:32","modified_gmt":"2022-02-04T17:34:32","slug":"meta-2","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/meta-2\/","title":{"rendered":"How did Meta lose $29 billion in one day?"},"content":{"rendered":"<p style=\"text-align: justify\"><strong>Washington D.C. (Business News Report)||<\/strong> Thursday was a black day for Meta, as it lost $29 billion in a record drop in its stock.<\/p>\n<p style=\"text-align: justify\">Shares of Meta Platvo fell to a record level at a time when the company, Meta, expected to record disappointing profits.<\/p>\n<p style=\"text-align: justify\">Meta stock fell 26%, wiping out more than $200 billion in the largest-ever cut from the market value of an American company in a single day.<\/p>\n<p style=\"text-align: justify\">This reduced the net worth of its founder and CEO Zuckerberg to $85 billion, according to Forbes magazine.<\/p>\n<p style=\"text-align: justify\">Zuckerberg owns about 12.8% of the technology giant, formerly known as Facebook.<\/p>\n<p style=\"text-align: justify\">The decline in Zuckerberg&#8217;s wealth during Thursday&#8217;s trading is one of the largest declines ever.<\/p>\n<p style=\"text-align: justify\"><a href=\"https:\/\/www.google.com\/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwiehJC8yub1AhWUhv0HHUbzDNwQFnoECAYQAQ&amp;url=https%3A%2F%2Fwww.tesla.com%2F&amp;usg=AOvVaw0Vx6pW8J4RjA5etoI3_wrm\">Tesla&#8217;s<\/a> CEO Elon Musk suffered a lost amounting to $35 billion, in one day in November.<\/p>\n<p style=\"text-align: justify\">After that loss, Musk, the richest person in the world, conducted a poll of Twitter users if he should sell 10% of his stake in the electric car maker.<\/p>\n<p style=\"text-align: justify\">Tesla shares have yet to recover from the resulting sell-off.<\/p>\n<p style=\"text-align: justify\">At least 21 brokerage firms cut their price targets for Meta stock after the company published a weaker-than-expected outlook on Wednesday. The company blamed Apple for changing its privacy rules as well as increased competition from other rivals including TikTok and YouTube.<\/p>\n<p style=\"text-align: justify\">After wiping out $29 billion from his fortune, Zuckerberg ranked 12th on Forbes&#8217; list of billionaires, behind Indian business magnates Mukesh Ambani and Gautam Adani.<\/p>\n<p style=\"text-align: justify\">It is certain that trading in technology stocks will remain volatile in light of rising inflation and an expected rise in interest rates. Meta&#8217;s shares could recover sharply sooner rather than later, with the decline in Zuckerberg&#8217;s fortune remaining on paper.<\/p>\n<p style=\"text-align: justify\">Zuckerberg sold $4.47 billion of Meta shares last year, before technology shares lost ground in 2021.<\/p>\n<p style=\"text-align: justify\">At the end of last year, Facebook changed its name to Meta, and revealed its interest in the virtual world.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Washington D.C. (Business News Report)|| Thursday was a black day for Meta, as it lost $29 billion in a record drop in its stock. Shares of Meta Platvo fell to a record level at a time when the company, Meta, expected to record disappointing profits. Meta stock fell 26%, wiping out more than $200 billion [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":218570,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[207],"tags":[120,166,278,6914,7475],"class_list":["post-218537","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-apple","tag-elon-musk","tag-featured","tag-meta","tag-zuckerberg"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How did Meta lose $29 billion in one day?| BNReport<\/title>\n<meta name=\"description\" content=\"BNReport| Thursday was a black day for Meta, as it lost $29 billion in a record drop in its stock. 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