Meta is poised to suffer the largest one-day wipeout in corporate history. Its valuation slumped by nearly $220 billion when Wall Street opened Thurs

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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.
 
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