Zerodha co-founder Nikhil Kamath’s take on Meta’s historic wipeout

The share price of Meta Inc. which was earlier known as Facebook Inc. came crashing down on Friday as it recorded a fall of 26%. This crash erased almost $200 billion from the California-based company’s net worth.  The founder and Chief Executive Officer of Meta Inc., Mark Zuckerberg also lost $29 billion of net worth. The officials of Meta Inc. have stated increasing competition from other video sharing platforms particularly, TikTok owned China’s ByteDance one of the reasons behind this. This happened after Facebook reported the lowest number of daily users since its inception in the late 2000s. This historic wipeout of the social media giant has made analysts and experts express their views on this. Following this, the co-founder of Zerodha and TrueBeacon Kamath also expressed his take. He stated that this is a natural consequence of the company’s unusual growth. He stated:” "It’s an unrealistic expectation for the platform to gain users at the same momentum indefinitely. India is Facebook’s largest market, in terms of the number of users so it’s obvious how India would play a major role in how this plays out for the global market," Meta also considers the increased tariff rate of internet services in India a reason behind the crash.