ISLAMABAD, Feb 04( Alliance News): For the first time, Facebook acknowledged the decline in the number of daily users of the social network on February 2.
After fact revealing acknowledgment, the market value of Facebook’s parent company, Meta, has fallen by more than 23 230 billion since February 3, the largest single-day loss of any American company in history, foreign media reported.
The 26.4% drop in market value was due to concerns about the company’s future as the world’s most popular social network experienced a decline in the number of daily users for the first time.
In the October-December 2021 quarter, the number of daily Facebook users decreased compared to the July-September quarter, from 1.93 billion to 1.92 billion.
The company’s advertising model has also been hit by privacy changes to Apple’s operating system, which Facebook says could cost it billions of dollars.
Mark Zuckerberg’s assets also fell by 31 31 billion as a result of the fall in Facebook’s share price.
But despite such a sharp decline, Mark Zuckerberg still owns about 90 90 billion. The loss to Meta is the biggest loss of any American public company and it is disappointing for the company about which investors always expect amazing growth.
Meta also reported a decline in profits due to increased costs to build MetaVores.
Mark Zuckerberg said in a February 2 quarterly report that he was “proud” of the company’s work over the past year, but acknowledged that the company faces stiff competition from rival apps, including TuckTuck.
Shares of Meta as well as other social media companies, including Twitter and Snap, fell.