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Facebook ‘s parent company Meta has taken a massive hit here’s what happened and why

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Let’s call it the great escape… from Facebook. This week the American social media company posted a rare major decline in users for the first time pretty much ever. The results of that have been pretty harsh on Mark Zuckerberg ‘s wallet as it has now reportedly knocked him out of the world’s 10 richest billionaires. The problems for Zuck also surround lower than expected ad revnue and a drop by 26% or more in share value this week. In all it reportedly wiped more than $230B off of the company’s value according to analysts and reports.

Users reportedly dropped from 1.93 billion in the third quarter of last year to 1.929 billion by the end. Normally that wouldn’t be a significant drop, but, after several years of intense scandals Facebook has actually had this coming for a while.

“Any future declines in the size of our active user base may adversely impact our ability to deliver ad impressions and, in turn, our financial performance,” the company warned in a securities filing, as USA Today reported this week.

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