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Apart from Meta, these US stocks have had biggest single-day drops

Apart from Meta, these US stocks have had biggest single-day drops
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By CNBCTV18.com Feb 5, 2022 11:03:04 AM IST (Published)

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SUMMARY

Meta is not the only company to see its market value crash in a single day. Here are some of the other worst stock routs in US history. But unlike Apple, Intel, Amazon and others, Facebook (now known as Meta), is seeing a historic single-day crash for the second time.

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Meta Platforms, the owner of social media platforms like WhatsApp and Instagram, and formerly known as Facebook Inc, suffered the worst single-day wipeout in US history as the stock slumped by over 25 percent. The sell-off in the tech company’s shares started as a result of disappointing quarterly earnings reports that failed to match analysts’ expectations. Meta was down 26.39 percent as a result. The company wiped off nearly $237 billion in value overnight. But Meta is not the only company that has seen a precipitous drop in market value in a single day. Here are some of the other worst stock routs in US history.

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9. Amazon | Amazon.com Inc (AMZN) was witness to nearly $36.5 billion being erased from its market cap when its shares fell by more than 5 percent after former US President Donald Trump accused the company of defrauding the US Postal Service over Twitter.

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8. Bank of America | Bank of America Corporation (BAC) executives were in for a shock on October 2008, when the shares of the bank slid by 26 percent, wiping out $38 billion, after the company announced a huge decline in profits and a cut in dividends. The bank also had to raise billions in order to meet payments for bad loans, courtesy the financial crisis.

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7. Alphabet | When the internet giant missed its quarterly earnings estimates, Alphabet (GOOGL) lost over $41 billion in market cap as its shares slid by 5 percent in 2018.

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6. General Electric | Another victim among many from the 2008 financial crisis, mega conglomerate General Electric Co (GE) saw its market cap fall by $47 billion in April 2008, after the company missed estimates and gave a weak forecast for the following quarter.
(Image: Reuters/Arnd Wiegmann)

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5. Exxon Mobil | Exxon Mobil Inc (XOM) saw its shares plummet in a sell-off that saw $52.5 billion being wiped from its market cap, just a single week after BoA had its own bad day on Wall Street. (Image: Reuters)

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4. Apple | Apple Inc. (AAPL) lost $60 billion after its shares closed with a 12 percent slump in 2013 on reports of poor forecasts from the company regarding its products. (Image: AP Photo/Richard Vogel, File)

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3. Microsoft | Microsoft Corp (MSFT) was hit by a double whammy, which caused the company’s shares to crash as it lost over $80 billion in 2000. The company was already in the middle of the dot com bubble bursting when it was hit by regulators for violating antitrust laws.

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2. Intel | Intel Inc (INTC), the world’s largest chip maker, was another big name that was hit hard when the dot com bubble burst. The company lost $90 billion after weak forecast and the ongoing crash soured investor opinions for the stock.

Explained: Why the US FTC is calling for Facebook to spin off Instagram and WhatsApp
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1. Facebook | Meta has the dubious honour of being the company which saw the two biggest single-day market cap drops in US history. Back when it was known as Facebook Inc (FB), it suffered a rout of 18.51 percent when it wiped off over $119 billion from its market cap in 2018.

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