Facebook owner Meta has seen a disastrous stock fall which has wiped $230 billion from its market value.

The plunge comes after CEO Mark Zuckerberg revealed the company had lost around $10 billion in advertising due to Apple’s changes to software, making it harder to track consumers’ online behavior.

The New York Times reports Zuckerberg saying the company is also having problems competing with the social media phenomenon TikTok.

READ MORE: FACEBOOK OWNER META LOST $10 BILLION IN 2021

Facebook also increased spending on its Meta augmented and virtual reality hardware to $10 billion as it focuses on its metaverse – a theoretical version of the internet.

The drop to around $650 billion was the worst one-day drop in the value of any US company – according to Birinyi Associates, a research firm, eclipsing losses by Apple and Microsoft of about $180 billion in 2020.

Other social media companies also fell on Thursday, February 4.

Twitter dropped 5.5 percent, Snap and Pinterest fell 23.6 percent and 10.5 percent, respectively.

Meta itself is 29.3 percent down for the year.

Saira Malik, chief investment officer at Nuveen – a global investment manager, said: “If a company like Facebook comes out saying it has a significant earning die-down, it’s going to impact the stock perhaps more than other companies that are more reliant on economic growth.

“Technology companies are very reliant on their own structural growth drivers, so if those start to go away or fade, it’s going to be an issue on the stock.”

Forbes also reported Vital Knowledge founder Adam Crisafulli, saying: “This isn’t simply a disappointing quarter but rather an existential moment for Meta.

“Investors will be forced to take a long and hard look at the company’s competitive position and consider whether it isn’t heading into a prolonged period of subpar performance—this will make it hard for the stock to quickly rebound.”

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