News > Facebook is losing users, shares in Meta have fallen off a cliff

Facebook is losing users, shares in Meta have fallen off a cliff

A day after Facebook reported that its streak of user growth had come to an end, its parent company's stock plunged more than 26% in a staggering loss that obliterated more than $230 billion in market value and triggered Wall Street's worst drop in close to a year.

CEO Mark Zuckerberg said Facebook was struggling to compete with short-video app TikTok.  The company's expenses were skyrocketing as it poured $10 billion in augmented and virtual reality hardware to build its "metaverse."