Facebook parent company’s stock market value plummets by more than 170 billion euros | Economy

Meta also expects to incur more costs this year due to the many investments in artificial intelligence (AI). The American group achieved more profit than expected last quarter.

Investors doubt whether investments in AI will generate enough money and sent the stock down about 15 percent. Meta suffered the largest price loss since October 2022 and saw more than 173 billion euros (185 billion dollars) in market value evaporate.

On Wednesday, investors paid more than $490 for a Meta share, but by Thursday this had plummeted to $410. The price has now risen slightly again, to above $420.

Despite the sharp drop, the price is still higher than at the beginning of this year, when traders had about 350 euros left for a share in billionaire Mark Zuckerberg’s company.