Tuesday, November 28, 2023

Meta shares take a nosedive, company suffers single-day loss of $240 billion

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The market value of Facebook parent company Meta Platforms Inc plunged by $240 billion in a single day on Thursday as the company’s share crashed by 26 per cent. This single-day loss in the market capitalisation of Meta Platforms Inc is more than the total value of India’s largest company.

“Facebook Meta market value dropped $240 bn (18 lakh crores) in a day. That is more than the total value of India’s largest company. It highlights the fragility and fickleness of our times. Welcome to the never normal world!,” Uday Kotak, CEO, Kotak Mahindra Bank, tweeted.

Reliance Industries Limited is India’s most valued company with a market capitalisation of around $210 billion. In a single-day plunge, Facebook founder Mark Zuckerberg became poorer by $29 billion. This has pulled down Zuckerberg’s net worth to $85 billion. In Forbes’ list of real-time billionaires, Zuckerberg has slipped to 12th position, below Indian billionaires Reliance Industries chief Mukesh Ambani and Adani Group’s chairman Gautam Adani.

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