Business Highlights: Meta's Stock Tanks, Wall Street Follows

Meta is putting a lot of virtual eggs and billions of dollars into the metaverse basket, and Wall Street is spooked. Shares of the company formerly known as Facebook saw a historic plunge Thursday after it reported a rare profit decline due to a sharp rise in expenses, shaky ad revenue growth and fewer daily U.S. users on its flagship platform. At the same time, it invested more than $10 billion in its ambitious plan to transform Meta Platforms Inc. into a metaverse company. Shares fell more than 26%, lopping off more than $230 billion of the companys market capitalization.

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