Meta has lost more than $730 billion in just 16 months. The company reached a market value of $1 trillion in the summer of 2021. But is currently worth around $270 billion. It is also not among the top 20 most valuable companies in the US anymore.
Meta is no longer among the 20 most valuable U.S. companies
Far from Facebook’s Big Tech days, Meta is no longer among the top 20 most valuable U.S. companies after the stock sank 23 percent on Thursday. The company has shed 70 percent of its value this year. 74 percent since the stock peaked in September 2021, totaling over $730 billion in market cap loss. It’s trading at its lowest since early 2016.
The fall in Meta’s value has affected its CEO, Mark Zuckerberg, too. In the last quarter, Mark Zuckerberg’s wealth fell by another $11 billion. This means his net worth decreased by more than $100 billion in one year. Still, Zuckerberg’s support for the metaverse remains.
Zuckerberg said: “There’s macroeconomic issues, there’s a lot of competition, there’s ads challenges especially coming from Apple, and then there’s some of the longer-term things that we’re taking on expenses because we believe that they’re going to provide greater returns over time. I appreciate the patience and I think that those who are patient and invest with us will be rewarded.”
It is unknown whether Zuckerberg will be able to prevent this loss. But since changing the company name to Meta a year ago Friday, Zuckerberg has said its future is the Metaverse, a virtual universe of work, play, and education. What is known is that the other two companies Meta has fallen behind are Tesla and Nvidia. Next on the list would be Oracle, which is currently valued at just over $200 billion, or $70 billion below Meta.
What is your thought about this huge financial loss for Meta? You can share with us in the comment section.