Facebook owner loses $200bn in huge share price drop

 According to research firm vanda purchases from retail investors in late 2020 and early 2021 were focused on expensive tech, EVs and co called meme stock. In the past week purchase of large cap tech have sky rocketed while speculative aseests have been very little demand. At the same time, several hedge funds including Wellington management group, sanders capital and tiger global management were among the funds that declared position in meta platform at the end of September, and could potentially have been hurt by the wipeout in share.       Shares of Facebook owner meta fell 26 Percent on Thursday in what could be the worst single day wipeout in market value for us company, after the social media giant issued a dismal forecast, blaming apple's privacy changes and increased competition.

Meta CEO mark Zuckerberg maybe keen to coax the world into an alternative reality, but disappointing fourth quarter results were quick to burst his metavers bubble, said laura hoy an equity analyst at Hargreaves Lansdown. Apple shed nearly $180 billion on sep 3 2020, while Microsoft lost $176 billion on march 16 the same year, however meta massive selloff is set to eclipse those if losses hold.  Other social media stock were also hit on Thursday, including Twitter, Pinterest and spotify, Spotify has been besest by a row over covid vaccination misinformation and released disappointing results.