Shares of Facebook parent Meta fell over 25% on Thursday—erasing over $230 billion in market value for its worst trading session in history—after the company’s dismal quarterly earnings report showed declining users and surging expenses related to the company’s metaverse project.

The sharp drop in the company’s market capitalization, which now stands at around $670 billion, is on pace to be the biggest wipeout ever in U.S. market history, according to Bloomberg data.

“This isn’t simply a disappointing quarter but rather an existential moment for Meta,” says Vital Knowledge founder Adam Crisafulli. “Investors will be forced to take a long and hard look at the company’s competitive position and consider whether it isn’t heading into a prolonged period of subpar performance—this will make it hard for the stock to quickly rebound.”