Meta Tanks On Double Dose Of Bad News

MENLO PARK, CA — A double dose of bad news has sent Facebook’s Peninsula-based parent company into a tailspin.

Meta stock fell by as much as 24 percent Thursday morning, dropping below $100 for the first time since 2016.

Meta was trading at just over $101 around two hours into Thursday’s trading session.

Meta’s stock has lost nearly 75 percent of its value since hitting an all-time high of $379.38 Aug. 1 of 2021.

The market meltdown follows Facebook’s reporting just its second quarterly revenue decline in company history, combined with staggering $9 billion losses in Reality Labs, which is leading the company’s Metaverse venture, CNN’s Oliver Darcy reports.

CEO Mark Zuckerberg affirmed his commitment to the virtual reality initiative, CNBC reports.

Meta’s financial troubles contributed to what has already been turbulent week in Silicon Valley’s social sphere.

Twitter is on the brink of being sold to Elon Musk, who faces a Friday deadline to close the deal. Musk has given contradictory guidance on impending layoffs and content moderation policies.

Musk made a surprise visit to the company’s San Francisco office Wednesday carrying a porcelain sink.

“Entering Twitter HQ – let that sink in!” the billionaire Tesla owner tweeted (his twitter bio now identifies him as “Chief Twit.”

Snapchat’s parent company, Snap, reported a net loss of $360 million.

Its stock was trading at around $7.30 Thursday morning, a fall of nearly 80 percent since the company hit an all-time high 83.11 Sept. 24, 2021.