A plunge in Facebook’s parent company weighs on tech stocks

Wall Street generic image

A historic plunge in the stock price of Facebook’s parent company helped yank other tech stocks lower on Wall Street Thursday, abruptly ending a four-day winning streak for the market.

The 26.4% wipeout in Meta Platforms, as Facebook’s owner is now known, erased more than $230 billion in market value, easily the biggest one-day loss in history for a U.S. company.

A weak revenue outlook for Meta helped drag the stocks of other social media companies including Twitter and Snap lower too.

The tech-focused Nasdaq gave up 3.7%, its biggest loss since September 2020.

The S&P 500 fell 2.4%.


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