Meta dropped out of the world’s 10 largest companies by market value, suffering from the worst monthly stock decline.
Once the sixth-largest company in the world with an estimate of more than $ 1 trillion, Facebook’s parent company closed on Thursday with $ 565 billion, putting it in 11th place after Tencent, according to data collected by Bloomberg.
Meta, which changed its name from Facebook last year as part of CEO Mark Zuckerberg’s attempt to shift the company’s focus to exciting digital capabilities, has destroyed a market value of more than $ 500 billion since the peak of September. Shares increased losses on Thursday amid a grim earnings report two weeks ago that revealed stagnation in user growth. It has now fallen 46% from last year’s record.
Tesla with a market value of $ 906 billion ranked Meta as the sixth largest company after e-commerce giant Amazon. Warren Buffett’s Berkshire Hathaway is inferior to electric car maker with $ 700 billion, followed by Nvidia chip maker with $ 613 billion.
The price destroyed by the sale of Meta shares exceeds the market capitalization of all but eight S&P 500 companies.
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