A day after weighing in with its third-quarter earnings report, Meta is flailing. The company formerly known as Facebook was in trouble Thursday after uninspiring numbers and an apparent lack of faith in Mark Zuckerberg’s metaverse vision sent its shares plunging by 25%.
At the time of writing, Meta was trading around $98, down from $130 on Wednesday. Other tech stocks are in a similar boat broadly. A challenging economic climate and a war that’s worsened geopolitical tensions have sent many tech valuations back to Earth, but Meta’s fall —and the message it sends about the company’s future — is really something. Meta’s stock price is now worth almost a quarter of the all-time high of around $380 that the company recorded late last summer.
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Thursday’s situation saw Meta hit a low that its shares haven’t touched since 2016 — well before Zuckerberg’s big and possibly doomed pivot toward a virtual
