Facebook parent Meta saw its stock price plunge more than 20 percent intraday on Oct. 27, amid broader carnage in U.S. tech stocks as investors pulled back amid the impact of soaring inflation on ad spending.
Shares of Meta were down as much as 24 percent on Thursday, trading at around $100, a low not seen since 2016. At its peak, the stock was trading at $382 per share.
The stock plunge sent Meta CEO Mark Zuckerberg’s net worth down by more than $10 billion, according to a Bloomberg estimate.
Driving Meta’s slump was the company’s third-quarter earnings report, which showed a miss on earnings per share ($1.64 versus $1.89 expected), met expectations on revenue ($27.7 billion versus $27.4 billion expected), and showed weaker that expected guidance for the fourth quarter….