Meta just suffered the largest one-day wipeout in US corporate history. Its valuation slumped by nearly $240 billion.
In its fourth-quarter earnings Wednesday, Meta said Facebook user numbers were down for the first time, as its metaverse business lost $10 billion.

Meta is facing the largest one-day wipeout in US corporate history after posting a shocking earnings report Wednesday.
Its valuation slumped by nearly $220 billion when Wall Street began trading Thursday, with its shares down 24.3% at the opening bell.
After markets closed on Wednesday, Meta, formerly known as Facebook, said in its fourth-quarter earnings report that Facebook's daily active user base shrank for the first time in its history. Meta also reported $10 billion in operating losses from its nascent metaverse business.
Meta's 24.3% stock slump Thursday indicates a valuation of $680.6 billion compared with its $898.5 billion market capitalization when Wall Street closed Wednesday.