Skip to content
Subscriber Only

Meta Nears Bear Market After $224 Billion Value Wipeout

  • Whistle-blower’s warning, lackluster outlook drive stock slump
  • Meta’s shares fall 19.7% from their September closing record
Bloomberg business news
Why Is Meta Such a Mess Right Now?
Updated on

Facebook parent Meta Platforms Inc. dropped on Friday, bringing its shares closer to a bear market after months of volatility triggered by a whistle-blower’s revelations and disappointing quarterly results.

The selloff was 19.7% since its closing record on Sept. 7, erasing about $224 billion in market value. Meta’s stock has been pressured this week as investors grappled with uncertainty surrounding the omicron variant and the possibility that the Federal Reserve will end its pandemic support program sooner than expected. It closed 1.1% lower to $306.84 on Friday, paring an earlier drop of as much 3.5%.