The drop was so dramatic that the rest of the NASDAQ followed as shareholders started to panic about the knock-on effects on the rest of Big Tech. The fact that Amazon reported a killing did not seem to bother them that much.

The huge drop, erased $29 billion from Chief Executive Officer Mark Zuckerberg's net worth, so there was some good news.

The Cocaine Nose Jobs of Wall Street seemed quick to mock Zuckerberg’s move to AR as being the reason for the fall with sound bites and overly mixed metaphors.

Hargreaves Lansdown analyst Laura Hoy said: "Zuckerberg may be keen to coax the world into an alternate reality, but disappointing fourth-quarter results were quick to burst his metaverse bubble."

The reality is that they were taken by surprise. Not only were Facebook user numbers down, but advertising revenue was also hit. Something Zuckerberg blamed Apple privacy changes.

Meta was a widely held stock by various investor groups, including hedge funds, according to recent data, leaving several funds potentially exposed by the wipe-out in its shares. Other institutional investors were also heavy owners.