Meta reported two weeks ago that Facebook's daily active user base shrank for the first time ever. Meta plunged on the news; its share price is down about 40% year-to-date. Meta is now the world's 11th most-valuable company, trailing China's Tencent in 10th place.
After its stock rout this year, Meta is no longer one of the world's 10 most valuable companies.
Meta's share price is down about 40% year-to-date after the company reported two weeks ago that Facebook's daily active user base shrank for the first time ever. The social media platform lost about one million users from the third quarter to the fourth quarter of 2021.
The announcement sent Meta shares plunging 26.4% in just one day on February 3, wiping out $240 billion in market capitalization. It was the largest one-day loss in US corporate history. Meta CEO Mark Zuckerberg's personal net worth has also taken a hit: He's currently worth $78.8 billion, down more than $46 billion from the beginning of the year.
Since then, Meta's share price has extended losses, losing another 13% to date. This has sent the company tumbling down the list of the world's most valuable companies by market cap.
Today, Meta is the 11th most valuable company in the world with a market cap of $565.4 billion, a Bloomberg ranking shows. It was previously in sixth place, based on Meta's record-high share price on September 7, 2021, per Bloomberg.
Taking the top spot on the list is Apple, with a market cap of $2.8 trillion, and Microsoft in second place, with a valuation of $2.2 trillion, the ranking shows. Meta now trails Chinese tech giant Tencent in the 10th spot and chip giant Taiwan Semiconductor Manufacturing Company (TSMC) in the ninth spot.
SOURCE: Business InsiderIMAGE SOURCE: Business Insider
