Meta, the parent company of Facebook, dropped out of the world’s top 10 in terms of market capitalization, falling behind Tencent in the rankings

2022-05-05 0 By

This article was transferred from;Bloomberg and other foreign media reported on Monday that Meta, the parent company of U.S. social media giant Facebook, dropped out of the world’s top 10 in market capitalization due to its plummeting stock price, falling behind Chinese company Tencent.Data diagram.Meta was once the sixth-largest company in the world by market capitalization, valued at over $1 trillion.But the company suffered its worst monthly share price decline in history, falling more than 4% in a single day on Feb. 17.Meta closed the day valued at $565 billion, according to data compiled by Bloomberg, dropping to 11th in the world in terms of market capitalization, surpassed by Tencent Holdings LTD.Facebook changed its name to Meta last year as CEO Mark Zuckerberg tries to shift the company’s focus to immersive digital experiences.After a dismal earnings report two weeks ago that showed its user growth stagnating, the company’s stock has tumbled, down nearly 40% so far this year.More than $500 billion has been wiped off the company’s market value since September, when its shares hit a record high.Tesla, with a market capitalization of $906 billion, has replaced Meta as the world’s sixth largest company by market capitalization, behind e-commerce giant Amazon.At the top of the list is Apple, valued at $2.8 trillion, followed by Microsoft, valued at $2.2 trillion.