Meta stock plunges 25% in a single day

Facebook parent Meta plunged as much as 25% in Thursday trading after CEO Mark Zuckerberg asked investors for patience with the social-media giant’s swelling investments in unproven bets at an alreadychallenging time for digital-advertising companies. Meta has lost more than half a trillion dollars in market value so far this year. Its shares were trading at $100.55, their lowest since February 2016. After giving a disappointing revenue outlook, Zuckerberg sought to justify Meta’s ballooning costs to fund its version of virtual reality, the metaverse, as well as the artificial intelligence fueling major changes to its social networks. The Facebook parent’s market value has collapsed by a whopping $672 billion this year, forcing it out from the ranks of the world’s 20 largest companies.