That target is also 2% higher than where Meta’s stock stood before its historic fall. The Facebook parent plunged 26% Thursday on the back of woeful earnings results, and erased about $251.3 billion in market value. That’s the biggest wipeout in market value for any U.S. company ever. Currently, Meta’s plans indicate its version of the metaverse https://dotbig.com/markets/stocks/FB/ will be focused on the virtual-reality aspect, connecting people in a virtual space through the likely use of virtual-reality goggles and other wearable technology. On Aug. 19, 2021, the Federal Trade Commission filed a new antitrust lawsuit against Meta after its original one filed in December 2020 was thrown out in June 2021.

• But in the case of Snap and Pinterest, this wasn’t the case; both companies have since reported earnings that show they’re not experiencing all the same problems.
• Investopedia requires writers to use primary sources to support their work.
• Facebook noted during the Q3 earnings call that it was under investigation by the government.
• Intraday data delayed at least 15 minutes or per exchange requirements.
• The social-media giant is stepping further into the metaverse.
• Apple shed nearly $180bn on 3 September 2020, while Microsoft lost $177bn on 16 March in the same year.

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How Facebook Stock Fits Into Your Portfolio

Fed Chair Jerome Powell hopes to engineer a “soft landing” for the economy, cooling activity just enough to take the steam out of rising prices, while preserving sufficient strength to keep jobs abundant and profits high. It’s a goal that has often eluded previous Fed chiefs and some on Wall Street are skeptical the economy can avoid an unwanted downturn. I agree with TheWrap’s Terms of Service and Privacy Policy and provide my consent to receive marketing communications from them. President Joe Biden’s first State of the Union address to Congress on Tuesday night, the White House said, as it seeks to highlight mental health problems facing young people. Meta Platforms Inc has briefed its Oversight Board on how the company is responding to the Russian invasion of Ukraine, the board said in a tweet.

On Oct. 5, 2021, former Meta employee and whistleblower Frances Haugen testified for several hours before the U.S. Senate subcommittee on Consumer Protection, Product Safety, and Data Security. FB stock price today Haugen provided extensive documentation about Meta to the subcommittee and alleged that the company was more concerned about profits than the safety and mental health of its users.

Meta Platforms Inc Stock Outperforms Competitors On Strong Trading Day

The 26.4% wipeout in Meta comes amid concerns about its future after the company reported its first ever drop in daily user numbers in its Wednesday earnings report. Facebook rebranded to Meta last year as part of its strategic pivot to becoming a virtual-reality based company. The company’s advertising model has also been hit hard by privacy changes at Apple, which Facebook has said it expects will cost them billions.

The social networking site expanded quickly, rising to one billion users by 2012. In February of that year, Meta filed for an initial public offering , Forex news which valued the company at $102.4 billion. Fundamental analysts calculate valuation metrics to determine if the stock is undervalued or overvalued .