Meta Loses A Whopping $53 Billion In Market Valuation After Snapchat's Stocks Plunges 43% – Tech

Tech companies are on the ledge, bleeding by the minute. Yesterday’s indices at NASDAQ is a surefire grim warning for Silicon Valley to get their game together. While most including Meta, Google, Apple and Microsoft are aggressively working on Metaverse, the road ahead has bumps ahead. As Snapchat stocks tanked 43%, it wiped off over $150 billion from the cumulative social media giants shares. Next worst hit is Facebook’s parent Meta that lost over $53 billion in market valuation! This also reflects in the depleting wealth of the billionaire founders. A stark profit warning from Snapchat’s parent company spooked investors into dumping the stocks of major social media companies. Snap plummeted 39%, while Facebook’s parent, Meta, slumped 10%. Google’s parent fell 8%.https://t.co/FiCfCFaztF— USA TODAY (@USATODAY) May 24, 2022 Snap plunged 43%, while Meta dived 10% and Google’s parent Alphabet fell about 8%. Shares of Pinterest fell 27% while Twitter plunged 4%. This definitely has spooked the investors. Snapchat’s selloff has led to a decline of about $16 billion in its total market value. The news spread like wildfire, burning shares of Google, Meta and the likes. When tech companies are striving to take every single bit of advantage via in-app…
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