Meta Platforms Inc, formerly known as Facebook Inc, took a huge dive in shares on Thursday which caused the tech giant losing over $200 billion market value in a single day. Incidentally, this comes close after the Facebook app lost around one million daily active users on Wednesday.
Sharing his thoughts on the tech giant’s tumble, Kotak took to Twitter to talk about the world entering the “new normal” while discussing the “fragility and fickleness of our times”.
The 62-year-old said that the amount Meta lost in a day, is the total value of India’s largest company.
“Facebook Meta market value dropped ~$240 bn (18 lakh crores) in a day. That is more than the total value of India’s largest company. It highlights the fragility and fickleness of our times. Welcome to the never normal world!” Kotak wrote on Twitter.
The businessman’s tweet, which was shared over 1.5K times on the microblogging platform, kickstarted a conversation between him and Mahindra, who expressed his thoughts on Phygital business models.
The Mumbai-based business conglomerate further highlighted that the unforgettable day witnessed by Zuckerberg’s company was a sign that in longer term, Phygital businesses are more stable.
“Uday, I believe that apart from an environment of endemic volatility, it’s also a sign that, in the longer term, Phygital business models are more stable. An underlying anchor of ‘live’ interactions/transactions provides more durability,” the 66-year-old replied on Twitter.
Uday, I believe that apart from an environment of endemic volatility, it’s also a sign that, in the longer term, Ph… https://t.co/ztklVvmvKs
— anand mahindra (@anandmahindra) 1643986575000
The Kotak Mahindra Bank CEO then replied with a question about how the teen generation of feel about virtual world.
“Anand I agree that we need some real world anchors to a bigger virtual world we are experiencing. The question is whether today’s 15 year old thinks like that. Wonder whether virtual reality overtakes reality!” Kota tweeted.
@anandmahindra Anand I agree that we need some real world anchors to a bigger virtual world we are experiencing. Th… https://t.co/uxbAqQtGk0
— Uday Kotak (@udaykotak) 1643994239000
The drastic fall witnessed by Meta, the parent company of Facebook, Instagram and WhatsApp, was a first for the tech giant which also caused glitches in stock market through the day.
The biggest single-day drop in market value also put a dent on Mark Zuckerberg’s personal wealth as the CEO of Meta lost almost $29 billion in a day.