Meta, Formerly Facebook, Is No Longer One Of The World’s Top 10 Most-Valuable Companies
Meta Platforms Inc. is no longer one of the world’s 10 most valuable companies by market value. The stock of the company is down this year. According to Bloomberg, the Facebook parent closed on Thursday with a value of $565 billion, placing it in 11th place behind Tencent Holdings Ltd.
The company was once the world’s sixth-largest company with a valuation above $1 trillion. The company reported two weeks ago that Facebook’s daily active user base shrank for the first time in history. Facebook lost about one million users from the third quarter to the fourth quarter of 2021.
According to Business Insider, Meta shares plunged 26.4 per cent in just one day on February 3. It wiped out $240 billion in market capitalisation. It was the largest one-day loss in United States corporate history. Reportedly, Meta CEO (Chief Executive Officer) Mark Zuckerberg’s net worth is also affected because of the company’s loss. He’s currently worth $78.8 billion, down more than $46 billion from the beginning of 2022.
Since February 3, Meta’s share price has extended losses, losing another 13 per cent to date. This has hit the company’s shares, tumbling down the list of the world’s most valuable companies by market cap. The company changed its name from Facebook to Meta last year.
According to Bloomberg ranking, Meta is now the 11th most valuable company in the world with a market cap of $565.4 billion. Chinese tech giant Tencent is in the 10th spot. Apple is in the 1st position with a market cap of $2.8 trillion. Microsoft is in the second position with a valuation of $2.2 trillion. Aramco is in the third position with a market cap of $2.0 trillion. The chip giant Taiwan Semiconductor Manufacturing Company (TSMC) is in the ninth spot.