$80bn wiped from value of Facebook and Instagram owner Meta
by Joanna Partridge and Kari Paul from Technology | The Guardian on (#6558S)
Sell-off that began overnight continues after Mark Zuckerberg's company reports halving of profits
Investors wiped $80bn (69bn) off the market value of Facebook and Instagram's owner, Meta, after Mark Zuckerberg's company reported profits had halved during the third quarter as advertisers reined in spending amid the global economic downturn.
The 25% tumble in Meta's share price since Wednesday evening has knocked billions off the personal wealth of Zuckerberg, its chief executive and largest shareholder.
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