Meta is suffering the inflation and rising interest rates, which leads many advertisers to check their marketing budget downwards.
Investors have expressed concern about high spending resources of Meta on its ambitious bid for the metaverse, seen as the future of virtual reality.
Meta shares opened 25% lower Thursday in New York. The share price of around $100, the lowest since 2016, compares with its peak of $382.
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On Wednesday, the group lost more than 12% in Wall Street in electronic trading, after announcing the results, a total of $27,000 million in the period, a loss of 4%, which was expected by the market.
While many of the world’s richest people have seen their fortunes plummet this year, Meta’s CEO has suffered the biggest decline among those on the wealth list. This update in the figures took the Zuckerberg out of the 20 richest people in the world.
