New data has revealed that investors purchased 1,828 per cent more shares day after Meta’s fourth quarter announcement last week after the tech giant’s stock dived 26 per cent.
According to analysis from investment bank Saxo Markets, the sell off also increased by 587 per cent as many offloaded stock following poor projections.
For Meta, this was the biggest market drop in a single day on the Nasdaq, falling by $251bn in market value in 24 hours.
Mike Owens, Global Sales Trader at Saxo Markets, said: “Thursday was Meta’s worst ever day on the stock market, losing $251billion (£212billion) in market value and seeing its share price fall 26 per cent”
“Their quarterly results and estimations for the year ahead did little to fill investors with confidence and became the catalyst for the biggest wipeout in market history.”
“Our data, however, shows that retail clients have tried to capitalise on the company’s falling share price with Meta being on a consistent upward trend for a number of years. Despite announcing a drop in users for the first time, it’s worth remembering there are still 1.93billion people with a Facebook account worldwide.
“Mark Zuckerberg and his team now face a tougher job than ever before in trying to convince institutional investors that Facebook is still a platform for the future as newer social media companies like TikTok outpace the 2004 company in growth.”
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