The price of shares in Meta – the parent company of Facebook, WhatsApp, Instagram, and Meta Quest dropped more than 25% at the start of trading on 03 February, after it revealed its first-ever decline in Facebook’s daily active users.

By the time the market closed, the company had seen $230 billion in market value wiped out, the biggest one-day loss ever by a US company. Meta wasn’t the only company having a rough Thursday, its rivals Snapchat, and Twitter, which are both listed on the New York Stock Exchange were also trading lower.

The company has struggled with waning relevance among young people as CEO Mark Zuckerberg refocuses its aim toward “metaverse” plans. It was also hit hard by changes Apple made to its ad-privacy policy; CFO David Wehner said Wednesday that Meta would likely lose more than $10 billion in sales as a result of the new iOS rules, which limit customer tracking.