Meta is no longer one of the world’s top ten most valuable firms after its shares plunged this year.
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After the business revealed two weeks ago that Facebook’s daily active user base declined for the first time ever, Meta’s stock has dropped approximately 40% year to date. Between the third and fourth quarters of 2021, the social media network lost around one million users.
On February 3, Meta shares plunged 26.4 percent in a single day, wiping away $240 billion in market capitalization. It was the greatest single-day loss in business history in the United States. Mark Zuckerberg’s personal wealth has also plummeted: he is now worth $78.8 billion, down more than $46 billion from the start of the year.
Since then, Meta’s stock has continued to fall, losing another 13% to date. As a result, the corporation has plummeted down the list of the world’s most valuable companies based on market capitalization.
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According to reports, Meta is now the world’s 11th most valuable corporation, with a market capitalization of $565.4 billion. It was previously ranked sixth, according to Bloomberg, based on Meta’s all-time high share price on September 7, 2021.
Apple is first on the list, with a market capitalization of $2.8 trillion, and Microsoft is second, with a valuation of $2.2 trillion, according to the rankings. Meta is currently ranked 11th, behind Chinese tech behemoth Tencent and chip giant Taiwan Semiconductor Manufacturing Company (TSMC).
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Mentioned above is a list of the world’s most valuable firms, ranked by market capitalization.