Home Business Meta Platforms’ market value evaporated by 46% and fell out of the world’s top 10 companies | Morning Post

Meta Platforms’ market value evaporated by 46% and fell out of the world’s top 10 companies | Morning Post

by admin
Meta Platforms’ market value evaporated by 46% and fell out of the world’s top 10 companies | Morning Post

(Morning News) Meta Platforms, the parent company of Facebook, suffered its biggest monthly drop ever, wiping almost 46% of its market value, and immediately fell off the list of the world‘s 10 largest companies by market capitalization.

According to data compiled by Bloomberg, Meta was once a company with a valuation of more than US$1 trillion (about S$1.34 trillion), ranking the sixth largest world-class company in the world. However, Meta shares fell another $8.83 overnight (February 17) to close at $207.71, leaving $565 billion in market value, ranking 11th behind Tencent.

Meta, originally called Facebook, changed its name last year. CEO Mark Zuckerberg is trying to shift the company’s focus to the metaverse. The new slogan proposed by Zuckerberg on Tuesday: Meta Metamates Me (Meta Metamates Me) did not seem to have caused any enthusiastic reaction in the market, but caused the company’s market value to fall further.

The company’s market value has fallen by more than $500 billion from its peak in September last year. Meta also had a poor performance report two weeks ago, with stagnant user growth.

Tesla, now worth $906 billion, has overtaken Meta as the sixth-largest company after e-commerce giant Amazon, according to Bloomberg. Warren Buffett’s Berkshire Hathaway trails Tesla with a market value of $700 billion. It was followed by chip maker NVIDIA with $613 billion.

See also  No Italexit, but there will be market turbulence. Here's what Oxford Economics expects with a right-wing government

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy