Meta is no longer among the world’s top ten most valuable firms after its shares tumbled this year. The company disclosed two weeks ago that Facebook’s daily active user base decreased for the first time ever. Since then Meta’s stock has fallen nearly 40% year to date. Between the third and fourth quarters of 2021, the social media network lost almost one million users.
On February 3, Meta shares fell over 26.4 percent in a single day, wiping away $240 billion in market capitalization. It was the tremendous single-day loss in business history in the United States. Zuckerberg’s personal wealth has also dropped. He is now worth $78.8 billion, down over $46 billion from the start of the year. Since then, Meta’s stock has been declining, losing another 13% to date. As a result, the corporation has come down on the list of the world’s most valuable companies based on market capitalization.
According to Bloomberg, Meta is now the world’s 11th most valuable corporation, with a market worth of $565.4 billion. It was previously ranked sixth, based on Meta’s all-time high share price on September 7, 2021. Tesla has exceeded Meta as the sixth-largest company in the world, after e-commerce behemoth Amazon.com, with a market capitalization of US$906 billion. The electric vehicle company is tailed by Warren Buffett’s Berkshire Hathaway, which has a market capitalization of US$700 billion, and chipmaker Nvidia, which has a market capitalization of US$613 billion.
However, Apple, with a market capitalization of $2.8 trillion, is first on the list. Second is Microsoft, with a valuation of $2.2 trillion. The value of Meta’s stock has been down but, it now outperforms the market capitalization of all but eight companies in the S&P 500 Index.