It churned a new hype among the tech-savvy as many experts stated it would be the next big thing of the 21st century.
However, on February 04th, Meta’s stocks lost more than a whopping $200 billion in market value.
This is the worst drop ever for any company in the United States of America. Meta witnessed a steep 26% drop in shares.
The plummet was due to the decline in advertisement revenue growth, increase in expenses, and reduced (Meta) Facebook user numbers.
Experts stated that it was mainly because of the drop in the number of daily active users (DAU) in 18 years.
Facebook’s daily active users fell from 1.930 billion to 1.929 billion in 3 months of the fall of 2021. This decline is the 1st for the world’s biggest social network since its launch. And unfortunately for Meta, this happened on the eve of Facebook’s 18th anniversary.
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“Facebook Meta market value dropped $240 billion (18 lakh crores) in a day. That is more than the total value of one of India’s largest companies,” Uday Kotak, CEO of Kotak Mahindra Bank said in a report.
This setback cost Mark Zuckerberg a massive $31 billion of his net worth.
However, even after this decline, Mr. Zuckerberg is still a long way from dropping out of the billionaires’ list as his net worth is still estimated to be around $90 billion.
Meta has a tough road ahead as other tech giants like TikTok and YouTube are attracting and amassing more and more users.
Meta to prevent sexual harassment on its platform…
Recently, while testing Meta’s AR world, a 43-year-old British woman named Nina Jane Patel was ‘verbally and sexually harassed’ by 4 males in Horizon Venues.
“It was surreal. It was a nightmare,” wrote Nina in the post about the incident.
To prevent women from such harassment and make Meta a safe platform for all, the company brought out a new feature called “personal boundary” in its Virtual Reality platform – Horizon. This feature once activated will prevent the user’s avatar from such attacks as an invisible shield.
“Personal Boundary prevents avatars from coming within a set distance of each other, creating more personal space for people and making it easier to avoid unwanted interactions,” stated Meta.
The company claimed it is working on adding more safety features.