Meta is no longer one of the world’s top ten most valuable firms after its shares plunged this year.
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.
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).
Mentioned above is a list of the world’s most valuable firms, ranked by market capitalization.