Meta (Facebook) news is more than its huge loss in one day

Meta (Facebook) news is more than its huge loss in one day

Photo by Thought Catalog from Pexels

Photo by Thought Catalog from Pexels

One thing that went pretty much unnoticed as the lime light was taken over by the fact that it created a new record in history that its share price has the biggest one day loss – $220 Billion.

What happened in the last financial quarter was that Meta spent $19 billion buying back company stock and at significantly higher prices. According to the company’s annual report filed with the Securities and Exchange Commission, Meta (FB) bought back 21.7 million shares in October at an average price of $326.20, and in November, it purchased 21.6 million more shares, at an average price of $335.09. Lastly, in December, it bought back 14.73 million shares at an average of $329.97. So in total, Meta bought back 58 million shares at prices that were much higher than the closing level of $237.07 last Friday.

As a reference, Meta only bought $24.5 billion from January to September of 2021. So its spending on share buy back at the last quarter was quite extraordinary