Meta Platforms<\/a> Inc has tumbled out of the world’s 10 largest companies by market value, hammered by its worst monthly stock decline ever.
Once the world’s sixth largest company with a valuation in excess of $1 trillion, the Facebook parent closed on Thursday with a value of $565 billion, placing it in 11th place behind Tencent Holdings Ltd.<\/a>, according to data compiled by Bloomberg<\/a>.
Meta<\/a> Platforms, which changed its name from Facebook last year as part of Chief Executive Officer Mark Zuckerberg<\/a>’s attempt to shift the company’s focus to immersive digital experiences, has seen more than $500 billion in market value destroyed from a September peak. The stock extended losses on Thursday in the wake of a dismal earnings report two weeks ago that revealed stagnating user growth. It has now fallen 46% from last year’s record.
Meta Platforms<\/a> Inc has tumbled out of the world’s 10 largest companies by market value, hammered by its worst monthly stock decline ever.
Once the world’s sixth largest company with a valuation in excess of $1 trillion, the Facebook parent closed on Thursday with a value of $565 billion, placing it in 11th place behind Tencent Holdings Ltd.<\/a>, according to data compiled by Bloomberg<\/a>.
Meta<\/a> Platforms, which changed its name from Facebook last year as part of Chief Executive Officer Mark Zuckerberg<\/a>’s attempt to shift the company’s focus to immersive digital experiences, has seen more than $500 billion in market value destroyed from a September peak. The stock extended losses on Thursday in the wake of a dismal earnings report two weeks ago that revealed stagnating user growth. It has now fallen 46% from last year’s record.
Tesla Inc.<\/a>, with a market value of $906 billion, has taken Meta<\/a>’s place as the sixth-biggest company behind e-commerce giant Amazon.com Inc. Warren Buffett<\/a>’s Berkshire Hathaway Inc. trails the electric vehicle maker at $700 billion, followed by chipmaker Nvidia Corp.<\/a> at $613 billion.
The value wiped out by the selloff in Meta’s shares exceeds the market caps of all but eight companies in the S&P 500 Index.
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