Meta’s $676 Billion Rout Boots It Out of World’s Top 20 Stocks
- Morgan Stanley, Cowen, KeyBanc downgrade Stock after earnings
- Metaverse spending, revenue decline trigger share price plunge
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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.