The world’s biggest social network is experiencing reverse growth. Because recently Facebook owner Meta has seen the biggest ever stock market loss. The company saw more than $230bn loss which is a record loss for a US firm. Meta also mentioned that Facebook’s daily active users (DAUs) had dropped which is also the first time in its 18-year history.
According to the Bloomberg Billionaires Index, the company’s chief executive Mark Zuckerberg’s personal fortune also drop drastically. His net worth fell by $31bn which is equivalent to the annual gross domestic product of Estonia. Currently, Mr. Zuckerberg’s estimated net worth is almost $90bn.
In the face of competition from rival platforms, Facebook mother company Meta warned of slowing revenue growth. Many advertisers are now shifting to popular video-sharing platforms including TikTok and YouTube. It is thought that many younger users, had left Facebook and intend to these video sharing platforms which played a major role in decreasing the firm’s sales growth.
Internet sector expert Sachin Mittal said, “Clearly Meta got more impacted compared to its rivals as other social media like Snap posted healthy results.” Mittal also said, “While there has been a broad negative impact on the whole tech sector, we reckon players with lower reliance on targeted ads or better algorithms to cope with Apple’s changes would still do well.”