Meta shares fell $85.24 to close at $237.76.
The collapse in share price wiped out almost $240 billion from the social web link’s value.
The fall was the largest single-day drop in market value for a US company ever, according toReuters.
Meta is staking its future on a new, immersive iteration of the internet known as the metaverse.
That’s partly because Reels doesn’t include as many ads compared to News Feed or Stories.
On top of that, Facebook is facing more competition from other apps such as short-form video app TikTok.
Meta’s efforts to build more digital realms has been bumpy.
This week, Meta shuttered itsDiem cryptocurrency projectafter regulatory pushback.
