https://apnews.com/cf74be789988e7e48f3e2fcdf80ddfa8

NEW YORK (AP) — Shares in Facebook parent company Meta are in the midst of their worst day ever Thursday after the social media giant reported a rare decline in profit due to a sharp increase in expenses as it invests heavily in its transformation into a virtual reality-based company.

Meta’s shares fell more than 23% to $246.76 in early trading Thursday, lopping off more than $200 million of the company’s overall value, known as its market capitalization. A drop that big would be the largest ever for a company on a single day. Facebook's market cap dropped $120 billion on July 26, 2018.