Facebook plunges over 25% as Tiktok steals user attention

Investors wipe off $200 bn from m-cap after firm misses major projections in earnings update

Facebook’s user growth faltered in the latest quarter, the first stagnation in the social network’s history, part of dire earnings that caused Meta Platforms’s stock to collapse 25 per cent intra day on Thursday, set to wipe over $200 billion from its market value.

The company also gave a disappointing sales forecast for the current period, and Chief Executive Officer Mark Zuckerberg, who saw his personal wealth potentially plummet about $24 billion, acknowledged that Meta is facing serious competition for user time and attention, particularly from viral video-sharing app TikTok. 

The dour outlook and stalled user momentum is a dramatic turnaround for