Facebook parent Meta in October forecasted a weak holiday quarter and significantly more costs next year wiping about $67 billion off Meta's stock market value, adding to the more than half a trillion dollars in value already lost this year.The disappointing outlook comes as Meta is contending with slowing global economic growth, competition from TikTok, privacy changes from Apple, concerns about massive spending on the metaverse and the ever-present threat of regulation.Meta's shareholder Altimeter Capital Management in an open letter to Mark Zuckerberg had previously said the company needs to streamline by cutting jobs and capital expenditure, adding that Meta has lost investor confidence as it ramped up spending and pivoted to the metaverse.Several technology companies, including Microsoft Corp , Twitter Inc and Snap Inc have cut jobs and scaled back hiring in recent months as global economic growth slows due to higher interest rates, rising inflation and an energy crisis in Europe.(Reporting by Mrinmay Dey in Bengaluru; editing by Diane Craft)View the full siteMicrosoft Store Offers - SponsoredMaximizing Your Points With This Credit Card Is A Breeze NextAdvisorShockingly Lucrative Card Only For Those With Great Credit NextAdvisorThese are the best mortgage rates in your area MSN MoneyThis Insane Card Charges 0% Interest Until 2020 NextAdvisor"