Meta's share price wipe-out shakes world tech stocks

The huge drop, erasing over $200 billion from Meta's market capitalization and around $29 billion from Chief Executive Officer Mark Zuckerberg's net worth, spilled over to the broader technology sector and dragged the Nasdaq Composite Index lower. It was the biggest slide in market value for a U.S. public company, according to a Reuters analysis of Refinitiv data.

NEW YORK: Shares of Facebook owner Meta plummeted 26% on Thursday, the biggest single-day slide in market value for a U.S. company, after the social media giant issued a dismal forecast, blaming Apple Inc's privacy changes and increased competition.

The huge drop, erasing over $200 billion from Meta's market capitalization and around $29 billion from Chief Executive Officer Mark Zuckerberg's net worth, spilled over to the broader technology sector and dragged the Nasdaq Composite Index lower. It was the biggest slide in market value for a U.S. public company, according to a Reuters analysis of Refinitiv data.