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AP National Business

A plunge in Facebook’s parent company weighs on tech stocks

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Published 3:20 PM

By DAMIAN J. TROISE and ALEX VEIGA
AP Business Writers

A historic plunge in the stock price of Facebook’s parent company helped yank other tech stocks lower on Wall Street Thursday, abruptly ending a four-day winning streak for the market. The 26.4% wipeout in Meta Platforms, as Facebook’s owner is now known, erased more than $230 billion in market value, easily the biggest one-day loss in history for a U.S. company. A weak revenue outlook for Meta helped drag the stocks of other social media companies including Twitter and Snap lower too. The tech-focused Nasdaq gave up 3.7%, its biggest loss since September 2020. The S&P 500 fell 2.4%.

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