Facebook leaves the top 10 most valuable companies in the world

 Facebook leaves the top 10 most valuable companies in the world

The stock price has dropped to a record in the past few weeks, leaving the market capitalization of Meta Platforms - Facebook's parent company to only $ 565 billion.

According to Bloomberg data, with 565 billion USD, Meta is currently the 11th largest company by market capitalization in the world, after Tencent Holdings (China). Last year, Meta Platforms ranked 6th with a market capitalization of more than 1 trillion USD.

Shares of the company have plummeted in the past two weeks, as the fourth quarter of 2021 financial reports showed that user growth slowed and profits fell. These news sparked the worst trading session in the company's history, causing the market capitalization to evaporate more than 200 billion USD.

List of 10 largest companies by market capitalization in the world today.

List of 10 largest companies by market capitalization in the world today.

Meta capitalization has evaporated half of its September 2021 peak. Meta's cap drop alone is larger than nearly all of the companies in the S&P 500 index.

Mark Zuckerberg changed Facebook's name to Meta Platforms last year to match the company's new strategy of focusing on digital experiences. Zuckerberg positions the company as a combination of virtual reality (VR) and augmented reality (AR), which he calls the metaverse. Zuckerberg thinks this breakthrough will help the company turn the situation like the previous mobile-first strategy.

According to data from Bloomberg, the replacement for Meta in the 6th largest market capitalization position in the world is electric car company Tesla, with $ 906 billion. The most valuable company in the world is still Apple with $2.8 trillion. Followed by software giant Microsoft and Saudi Arabia's state-owned oil company Saudi Aramco.