Meta Starts $22.5 Billion Stock Offering as Shares Fall More Than 4%

Meta shares fell more than 4% in premarket trading Monday as the company began a $22.5 billion offering of Class A common stock and an issuance of 250 million depositary shares tied to preferred stock.

The two issuances involve different securities: the common-stock offering is valued in dollars, while the preferred-stock-linked depositary share issuance is stated as a share count. Both developments were part of the Monday premarket update on Meta.