Meta Platforms, Inc, formerly known as Facebook, Inc, is no longer the world’s 7th largest company after its shares crashed and hundreds of billions were wiped out in terms of value.
The company went from a market cap of $1.07 trillion to a market cap of $661 billion in a matter of months. After being overtaken by Berkshire Hathway, Facebook also lost its position as the 7th largest company. The most significant loss was on Thursday, when the company lost over 26% of its value in just one day.
If Facebook continues to fall at the current rate, it is expected to slide below Taiwan Semiconductor Manufacturing Company (TSMC), Nvidia, and Tencent in the upcoming few months.
Facebook has also been losing its users after the company reported a fall in active users for the first time in 18 years, along with a $10 billion expected loss due to Apple’s privacy changes.
Moreover, the company failed its Cryptocurrency venture and had to sell its stablecoin project called Diem to Silvergate for $200 million.
