Meta is reeling a day after reporting its third-quarter earnings. The company formerly known as Facebook was in trouble Thursday after uninspiring numbers and a clear lack of faith in Mark Zuckerberg’s metaverse vision sent its stock down by 25%.
Meta was trading around $98, down from $130 on Wednesday, at the time of writing. Other technology stocks are in a similar boat. Many tech valuations have fallen due to a challenging economic climate and a war that has exacerbated geopolitical tensions, but Meta’s fall — and the message it sends about the company’s future — is truly remarkable. Meta’s stock is now worth nearly a quarter of what it was late last summer when it hit an all-time high of around $380.