Facebook lost users for the first time EVER, and $200 Billion was lost with it
Facebook has lost users for the first time ever in its 18 year history. With half a million less users logging every day.
As a result Meta, facebooks parent company lost 22.6% of its value, wiping out 200 billion dollars off its market value.
As a result Mark Zuckerberg lost 29 billion dollars off his personal wealth.
Mark believes the loss is down to the growing tiktok boom, and which he says they are fighting by focussing on reels.
With Instagram refocussing on videos over photos.
Analysts had predicted a slowing growth rate for facebook but were shocked that it actually declined.
The company has also lost over 20 billion dollars on metaverse projects in the past 3 years.
And the company has switched its focus and parent company name to be about the metaverse, however executives expect it to take 15 years to fully meet their vision.