With a more than 25% dip in the share price of Facebook’s parent Meta, the stock made its biggest one-day drop ever, dipping off more than S$309 billion from its market cap. This is Facebook’s largest drop in share price in history, ahead of the 19% decrease it had previously experienced in July 2018. Facebook now faces an ‘existential moment’, as said by Vital Knowledge founder Adam Crisafulli. To progress from this state is a tricky feat, but will be necessary for the tech giant to remain competitive. Why did this happen? So, the question is, what happened? Well, it could be due to Meta’s dreary quarterly earnings report - reflecting a decline in users and a surge in spending focused on the company’s metaverse project. According to Meta, this user decline was caused by increased competition from TikTok and the rise in internet data costs in India, Facebook’s biggest user base....