Shares of Facebook parent company ‘Meta’ and the streaming giant Spotify both plunged on Thursday as bad news rocked both companies.
The Details: Meta Platforms closed down 26.46 percent on Thursday, the largest single day decline in the history of the company.
The decline came after the company revealed that its profits had shrunk more than expected and that its customer base had declined by over one million users.
Meanwhile, Spotify the music streaming giant fell by 16.79 percent as bands and other creators continue to abandon the platform over its 100 million dollar deal with podcasting titan Joe Rogan.
The news comes as the Federal Reserve is preparing to raise interest rates during its upcoming March 2022 meeting.