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Facebook parent Meta lost more than $232 billion in value Thursday. That’s the biggest one-day drop in value in the history of the U.S. stock market.
Meta’s plunge, based on a weaker-than-expected revenue forecast, topped the prior record set by Apple, when it lost $182 billion in market value in September 2020.
The seven biggest drops in stock market history have all occurred in the last two years, as Apple, Microsoft, Tesla and Amazon have ballooned in valuation. Prior to 2020, the largest drop was from Facebook — a $119 billion decline in 2018. That also occurred after Facebook forecast revenue below analyst estimates.
Meta’s drop in value comes as the company is looking past its current businesses, such as Facebook, Instagram and WhatsApp, and toward the metaverse, a virtual world based on new technology. Chief Executive Officer Mark Zuckerberg announced Wednesday Meta had a net loss of $10 billion in 2021 attributable to Meta’s investment in the metaverse.
The row has been brewing since Meta released its annual report last week in which it warned it would be unable to run products such as Facebook and Instagram in Europe without a new framework on data transfer. Currently the social media giant transfers European data for processing on US servers, something which is now falling under the scrutiny of EU regulators. A Meta spokesperson said: “We have absolutely no desire and no plans to withdraw from Europe, but the simple reality is that Meta, and many other businesses, organisations and services, rely on data transfers between the EU and the US in order to operate global services. "Like other companies, we have followed European rules and rely on Standard Contractual Clauses, and appropriate data safeguards, to operate a global service."
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After winning two medals at the Beijing Winter Olympics, freestyle skier Eileen Gu won her third medal, a gold, at Friday’s freeski halfpipe final, becoming the first freestyle skier to win three medals within the same Winter Olympics.
The 18-year-old started off her first run with a score of 93.25 and finished the second run with a higher score of 95.25, leading her to win the gold medal, according to NBC News. During her second run, Gu was able to land almost every combination of tricks and nearly went 14 feet high above the superpipe.
For her third run, Gu did a victory lap in celebration of securing the gold during her second run.
After winning the competition, Gu told reporters, “I’ve never taken a victory lap before in my entire life, so I felt like, ‘You know what, last event at the Olympics it feels like I finally deserve it.’ I’m really happy,” reported CNN.
Gu had won two other medals while competing at the Olympics: a silver medal in the slopestyle event and a gold medal in the big air freestyle skiing event. With her second gold medal win, the teen amassed three medals, marking her as the first freestyle skier to win three medals in a single Winter Olympics.
Since her debut at the Beijing Winter Olympics, Gu has become an internet sensation among Chinese fans who have donned her with the nickname “Snow Princess.” According to CNN, the teen has accrued over 5 million fans on Weibo and has been referred to as the “pride of China.” She has also been affectionately dubbed “Frog Princess.”
The San Francisco-born Gu, who is competing for China, has also been recently swept in political controversy over questions regarding her nationality and whether she had given up her U.S. citizenship. The young athlete, however, has reportedly focused on the “spirit of support” in sports during her winning performances.
“It’s not about nationality, it’s about bringing people together. It’s about sharing culture. It’s about learning from each other and forging friendships,” Gu told CNN.
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Gonzalo is not confirmd dead, Please Calm down with speculation, Also Assange extradition is on Priti Patel's hand for final decision
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China’s Visit To Saudi Arabia could kill the Petrodollar. How will US react? Will USA Invade Saudi?
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