Friday, 24 March, 2023

Negative Forecast and Pricey Metaverse Bets Prompt Meta Stock to Crash

<p>Wednesday&#39;s estimate by Facebook parent company Meta Platforms Inc of a dismal holiday quarter and significantly higher costs the following year caused a 20% decline in the stock as investors expressed doubts about the company&#39;s costly bets on the metaverse. In extended trading, the estimate reduced Meta&#39;s stock market value by nearly $67 billion, adding to the more than half a trillion dollars in value that had already been lost this year.</p>