Meta Platforms Inc. shareholders are paying dearly for its spending on the metaverse: The Facebook parent’s market value has collapsed by a whopping $676 billion this year, forcing it out from the ranks of the world’s 20 largest companies.
The punishment shows no signs of easing anytime soon. Meta’s stock tumbled 25%, its worst one-day drop since February, after it spooked investors with ballooning costs to fund its version of virtual reality and a decline in revenue.
