The tech-heavy Nasdaq fell as shares in other social media companies including Twitter Inc, Pinterest Inc and Snapchat also suffered a setback.
Wall Street snapped a four-session winning streak on Thursday, with all three benchmark indices closing lower as gloomy forecasts from Meta Platforms sent shares tumbling and halted a nascent rally on strong performance from other tech companies.
The S&P 500 lost 2.44% to 4,477.44 units; the NASDAQ Composite fell 3.74% to 13,878.82 points and the Dow Jones Industrial Average fell 1.45% to 35,111.16 integers.
Between Meta and Amazon alone, some $350 billion in market capitalization was lost on Thursday.
With yesterday’s drop, Meta Platforms became the issuer with the largest loss in its capitalization value on Wall Street, followed by Apple and Microsoft.
In fact, Meta closed the day on Thursday with a loss of 237.117 million dollars in its market value.
The second-worst drop in market value is for Apple, which lost $180 billion in September 2020.
On that occasion, their shares fell as much as 8% on the NASDAQ Composite.
Microsoft, the company founded by Bill Gates and that invented the Windows operating system, lost in 2020, 178,000 million dollars in its market capitalization value, derived in part from the beginnings of the Covid-19 pandemic.
Netflix registered a drop in its market value of 18,013 million dollars in a single day, since in April of last year the entertainment company and streaming platform had a drop of 7.40% in the price of its shares, since it reported 2 million subscribers less than the market expected.
Another more recent is Paypal, the online payment company that lost 50,574 million dollars in market value on Wednesday with an intraday decline in its share price of 24.63%, after presenting a quarterly report below expectations for stock market analysts.
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