20% DECLINE IN META …
Facebook Having Bad Day or Close to The End? Wall Street Responds to $200 Billion Wipeout
Zerohedge reports:
Facebook – or Meta now that it’s in the witness protection program – is making record after dismal record this morning after its catastrophic earnings and guidance last night: not only is the company’s 22% drop the biggest in its history…
… but according to Bloomberg, the one-day crash ranks as the worst in stock-market history: the Facebook crash has erased some $195 billion of its market cap. That would make it the biggest collapse in market value for any U.S. company.
The decline on context: the 20% decline in Meta would be more than the market value of 452 of the S&P 500’s members. And since Meta has a 2% weight in the S&P 500, the decline alone with contribute 0.44%-point negative impact on S&P 500.
The sheer size of Facebook’s collapse illustrates just how tech companies have ballooned in size to become behemoths with unprecedented market power, and the drama that can ensue when they stumble.
