Meta Platforms experienced a significant stock decline, dropping over 10% following its Q1 earnings report, resulting in a market cap loss of approximately $175 billion. This marks Meta's largest daily decline since October 2025. The stock fell sharply from the upper $660 range to around $600, breaking below its 200-day moving average, a key technical indicator. The selloff also impacted GraniteShares' 2x Long META Daily ETF (FBL), which offers leveraged exposure to Meta's stock. Traders noted increased volatility in FBL, which aims for twice the daily percentage change of Meta's stock. As of April 29, 2026, FBL's NAV stood at $30.8957, with a closing price of $30.9900.