Meta’s stock plunge to below $100 on track to wipe out more than $80 billion in market cap

Shares of Facebook parent Meta Platforms Inc.
META,
-21.30%
plunged 23.6% in premarket trading Thursday, in the wake of disappointing third-quarter results, putting them on track to trade below the $100 mark after the opening bell for the first time since February 2016. The implied price decline ahead of the open would wipe out about $81.2 billion worth of market capitalization from the social media giant to about $263.0 billion, which would knock it down by eight notches on the list of most valuable S&P 500 companies, to 21st from 13th. Meta’s stock selloff is on track to be its second-biggest one-day decline, behind just the 26.4% fall on Feb. 3, 2022. The stock’s selloff comes while S&P 500 futures
ES00,
+0.44%
rose 0.5%.