Meta witnesses biggest single-day crash ever

Meta Inc. which was known as Facebook Inc. a few months back, has suffered what is being considered as the biggest single-day loss in history. Shares of meta on Thursday came crashing down by 26% leading to the biggest single-day wipeout in history. This drop-in share price of meta by 26% has wiped out $200 billion from Meta’s market capitalization. Meta’s Chief Executive Officer Mark Zuckerberg’s Net worth was also not left unaffected and it decreased by $29 billion. The fall happened when the company witnessed the biggest drop in numbers of active users in a day. The management of Meta Inc. stated increased competition in user time and attention from other applications specifically TikTok.