Meta’s fall, which was based on a less than expected revenue forecast, surpassed a previous record low set by Apple in 2020, when the company lost $182 billion in market value on September 2020.
Other notable drops within the last two years have included Microsoft, Tesla and Amazon, which, along with Apple, have since seen revenue values rise back up.
Facebook had previously set a record for largest drop with a $119 billion value loss in 2018 — prior to Apple’s record set in 2020 — which also was due a forecast revenue significantly lower that analyst estimates, CNBC reports.
Here are the largest one-day drops in market cap since July 2018, per CNBC:
- Facebook (Feb. 2022): $232 billion
- Apple (Sept. 2020): $182 billion
- Microsoft (March 2020): $178 billion
- Apple (March 2020): $156 billion
- Apple (Sept. 2020): $141 billion
- Tesla (November 2021): $140 billion
- Amazon (July 2021): $138 billion
- Facebook (July 2018): $119 billion
- Apple (March 2020): $119 billion
- Apple (December 2021): $116 billion
Meta’s decline comes as the company aims to shift beyond its currents businesses — Facebook, Instagram and WhatsApp — to focus on the metaverse, which it said will be a virtual world of new technology.
Facebook CEO Mark Zuckerberg had previously announced the company experienced that Meta had previously experienced a net loss of $10 billion in 2021, which was attributed to the parent company’s investment in the metaverse.