Shares in Facebook owner Meta fell 24% in morning trading after the company’s dismal earnings report.
Facebook’s plunging stock price weighed on world market, dragging down major stock indexes.
The decline signals Facebook’s worst one-day loss since its Wall Street debut in 2012.
This saw the company’s overall value dropping by $200 billion, a figure greater than the entire Ghana economy.
Mark Zuckerberg who is the CEO of Facebook saw $29 billion rubbed out from his net worth.
Zuckerberg who was the world’s seventh wealthiest person with a net worth of $121 billion, dropped off the top-ten list by the time the markets closed.
At 11am, the Dow was down 230 points, or 0.64 percent. The S&P 500 dropped 1.24 percent and the Nasdaq was down 2.08 percent. Facebook is a component of the Nasdaq and S&P.