The biggest loser on the S&P 500 this week was Meta, as the Silicon Valley giant bleeds money to fund its CEO Mark Zuckerberg's metaverse vision.
It has been a difficult year for Meta and Facebook.
Meta stock crashed 25% last Thursday and is now at a seven-year low.
The social media titan is down more than 70% so far this year and 80% from its high.
Align Technology was the S&P's worst performer, with a 73.2% decline in 2022.
Meta has accounted for 0.7% of the S&P's weight compared to Align's 0.04%.
Meta has a market cap of $236 billion, which is less than half of the $1 trillion market cap it had last summer. Last fall, the company changed its name to Meta to reflect its new focus on augmented reality. The metaverse has lost $9.4 billion in the first nine months of the year, making it an unmitigated disaster for Meta. The company's stock plummeted after it reported a decline in profits last week.
A majority of people think so. That's how much the FAANG group of tech giants is down so far this year. The 22% decline for the S&P is weighed down by five companies that make up 12% of the index.
Our calculations show that the net worth of the founder of Facebook has fallen by $104 billion over the last year. The 29th-richest person in the world is the third-wealthiest person in the world.
The Fortune dropped $11 billion on Thursday, and is down $100 billion since the stock peaked.
The crash of meta stock is related to Facebook parent fears.
Big tech stocks have done well as FAANG softens its bite.
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