Share price plunges 73% in a year. Meta, parent company of Facebook, becomes the worst performing company in S & P 500s.

Beijing, Nov. 4 (Xinhua) the social media giant has become the worst-performing component of the S & P 500 this year as shares of Facebook parent company Meta fell to a new low.

As of Thursday local time, Meta's shares have fallen about 73% so far this year, outperforming u.s. medical device maker Eli technology, generator maker Generac Holdings, SVB financial group and dating app developer Match Group, all of which rank at the bottom of the s & p. 500.

Meta's share price has fallen this year. 73%Meta is dealing with a series of challenges that have panicked investors and dragged down its share price. In October, for example, Meta reported its second consecutive quarterly decline in sales and a weak fourth-quarter outlook that fell short of analysts' expectations. Meta attributed the revenue decline to a series of problems, including the coming recession that led companies to cut back on advertising spending and the continuing impact of Apple's 2021 iOS privacy update, which made it harder for Meta to track users on the Internet.

In addition, investors are worried that Meta has invested heavily in Metasverse, and reality Lab, which is in charge of Metasverse, has lost $9.4 billion so far this year. Altimeter Capital, a longtime shareholder of Meta, has called on the company to cut wage costs by at least 20 per cent and limit metasonic spending to $5 billion a year.