Battered by its worst monthly stock decline in company history, Meta Platforms Inc. lost its ranking in the Top 10 list of biggest companies by market value, reports Bloomberg. Once valued at more than $1 trillion and in 6th place on the list, Meta—the parent company of Facebook—is now valued at $565 billion and in 11th place behind Tencent Holdings Ltd.
After a peak in September 2021, the company has lost more than $500 billion in market value and dropped 46% from that high, with a recent earnings report that showed stagnating user growth. The massive sell-off in Meta’s shares resulted in a loss of value that goes beyond the market caps of virtually every company in the S&P 500 Index.
Meta Platforms changed its name from Facebook last year in an effort to move the company’s offerings to more immersive digital experiences. In the wake of its fall off the Top 10 list, Tesla Inc. stepped into Meta’s former spot in 6th place, with a market value of $906 billion. Just ahead of Tesla in 5th place is Amazon, and just behind the automaker is Berkshire Hathaway in 7th place, valued at $700 billion, with Nvidia Corp. in 8th place at $613 billion.