Anand Mahindra and Uday Kotak discuss ‘Phygital, ‘fragility and fickleness of times ‘ after Meta’s share drop
3 months ago
On Friday, Uday Kotak, the CEO of Kotak Mahindra Bank, and Anand Mahindra, the chairman of Mahindra Group, discussed Meta’s historic stock market decline, on Twitter.
On Thursday, Meta Platforms Inc, formerly known as Facebook Inc, saw its stock declining, causing the internet behemoth to lose nearly $200 billion in market worth in a single day. This comes after Wednesday’s loss of about one million daily active users for the Facebook app.
Kotak took to Twitter to discuss the world approaching a “new normal,” as well as the “fragility and fickleness of our times,” in response to the tech giant’s fall.
According to the 62-year-old, the amount Meta lost in a single day is equal to the total value of India’s largest corporation.
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! On Twitter, Kotak expressed his thoughts.
On his Tweet, Anand Mahindra remarked, “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 Mumbai-based business conglomerate went on to say that Zuckerberg’s company’s remarkable day was an indication that Phygital firms are more reliable in the long run.
The sharp drop in Meta’s shares, which owns Facebook, Instagram, and WhatsApp, was a first for the digital giant, and it created stock market hiccups throughout the day.
Mark Zuckerberg’s personal wealth was impacted by the largest single-day decline in market value, as the CEO of Meta lost about $29 billion in a single day.