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%.