Facebook Owner Meta Conceives Biggest Ever Stock Market Loss

Facebook's owner Meta platforms on Thursday saw its stock market value slump by more than $230 billion (£169bn) in a record daily loss for a US firm.

Meta share fell 26.4% after quarterly figures disappointed investors. 

Meta also said that Facebook’s daily active users (DAUs) had dropped for the first time in its 18-year history.

Meta chief executive, Mark Zuckerberg's net worth fell by $31 billion as the company share price slides, according to the Bloomberg Billionaire index.

The drop in Zuckerberg’s fortune came after Meta revealed that Facebook’s DAUs fell to 1.929bn in the three months to the end of December, compared to 1.930bn in the previous quarter and it was equivalent to the annual gross domestic product of Estonia.

It was the first time that this measure of activity on the world’s biggest social network had gone into reverse.

Meta also warned of slowing revenue growth in the face of competition from rival platforms including TikTok and YouTube, while advertisers were also cutting spending.