Meta Platforms has fallen out of the world’s 10 largest companies by market value due to the largest share decline in its history.
Image source: Bloomberg
The formerly sixth-largest parent company in the world with a market value of more than $1 trillion closed at $565 billion on Thursday, falling to 11th behind Tencent Holdings Ltd. This was reported by Bloomberg.
Since peaking in September last year, Meta has lost more than $500 billion in market value. Shares of the company fell even more on Thursday after the release of a disappointing earnings report that showed flat user growth.
Image source: Bloomberg
Meta’s losses from the share price decline exceed the market capitalization of all but eight companies included in the S&P 500 index.
Sixth in the ranking, previously occupied by Meta, is now Tesla Inc. with a market value of $906 billion, Berkshire Hathaway Inc. Warren Buffett is in seventh place with $700 billion, followed by chipmaker NVIDIA with 613 USD billion The undisputed leaders of the ranking are Apple and Microsoft with a market value of USD 2.8 and 2.2 trillion respectively.
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