Following the greatest single-day stock drop in recorded history, Facebook CEO Mark Zuckerberg intends to shift the company’s focus to growing short-form video.
Zuckerberg communicated this plan to Facebook employees during a company-wide virtual meeting.
The stock price of Facebook’s parent company, Meta Platforms Inc, dropped by over 200 billion dollars this past week after reporting major losses in a quarterly earnings report.
Not only did Facebook’s expenses exceed its revenue, but it experienced a first-ever decline in daily active users.
From the third quarter to the fourth quarter of 2021, almost half a million people stopped logging into Facebook every day.
Investors panicked after learning the details of Facebook’s quarterly report, which triggered the stock to crash.