Meta Platforms falls from ranks of 10 most valuable companies

[SAN FRANCISCO] Meta Platforms has tumbled out of the world's 10 largest companies by market value, hammered by its worst monthly stock decline ever.

Once the world's 6th-largest company with a valuation in excess of US$1 trillion, the Facebook parent closed on Thursday (Feb 17) with a value of US$565 billion, placing it in 11th place behind Tencent Holdings, according to data compiled by Bloomberg.

Meta Platforms, which changed its name from Facebook last year as part of chief executive officer Mark Zuckerberg's attempt to shift the company's focus to immersive digital experiences, has seen more than US$500 billion in market value destroyed from a September peak. The stock extended losses on Thursday in the wake of a dismal earnings report 2 weeks ago that revealed stagnating user growth. It has now fallen 46 per cent from last year's record.

Tesla, with a market value of US$906 billion, has taken Meta's place as the 6th-biggest company behind e-commerce giant Amazon.com. Warren Buffett's Berkshire Hathaway trails the electric vehicle maker at US$700 billion, followed by chipmaker Nvidia at US$613 billion.

The value wiped out by the selloff in Meta's shares exceeds the market caps of all but 8 companies in the S&P 500 Index. BLOOMBERG