Meta Erases $251 Billion in Value, Biggest Wipeout in History!

Take a look:

Facebook lost more than $237 billion in value.

The previous record for amount of market capitalization lost in one day was Apple's $182 billion loss in September 2020.

Facebook's decline came after it reported weaker-than-expected first-quarter revenue Wednesday.

It's a huge, huge number.

Mark Zuckerberg warned investors earlier Meta expected first quarter revenues to decline due to insane rivals like Tiktok, YouTube,etc

It's one of the biggest falls of any company on the records.

So, what made the biggest Wipeout in history?

Reports have stated this is because the users are not spending much time on their services like Facebook, WhatsApp, Instagram, etc.

1.9 Billion people use Facebook everyday. But the fact is not a huge number of people are using Facebook and it's services.

The large number of young people has shown less interest in meta services because a huge number of youngsters have shifted to sites like Tiktok, YouTube and other sites. This fluctuated the growth of meta in recent years. As per reports, It's all started with the rebrand of facebook as Meta.

That's not the main reason why their revenue is slowing down, as their advertising revenue is not scaling as it should be.

Advertising has been a nutcracker for most of the tech companies out there but that's not working well with Mark Zuckerberg.

They aren't able to attract more people because their revenue and the authenticity of facebook fell down.

Many sites are losing the game such as Twitter and Pinterest, which seems to be slowing down a little bit. But this isn't as big as Meta.

This shows how social media is changing, the public demands value and they aren't getting so they are leaving the platform. Mark Zuckerberg has not hinted at their future plans. They are going off the road.