Market: Meta is poised to suffer the largest lost.

Meta is facing the largest one-day wipeout in US corporate history after posting a shocking earnings report Wednesday.

Its valuation slumped by nearly $220 billion when Wall Street began trading Thursday, with its shares down 24.3% at the opening bell.

After markets closed on Wednesday, Meta, formerly known as Facebook, said in its fourth-quarter earnings report that Facebook's daily active user base shrank for the first time in its history. Meta also reported $10 billion in operating losses from its nascent metaverse business.

Meta's 24.3% stock slump Thursday indicates a valuation of $680.6 billion compared with its $898.5 billion market capitalization when Wall Street closed Wednesday.

Facebook previously held the record for the largest one-day loss in value in US corporate history. In July 2018, the company shed $119 billion in market cap in a single day after reporting slowing growth in its second-quarter earnings. It was the largest one-day market cap slump at the time.