SAN FRANCISCO (BLOOMBERG) - Meta Platforms, formerly known as Facebook, 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 sixth largest company with a valuation in excess of US$1 trillion (S$1.34 trillion), Meta 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, which changed its name last year as part of chief executive 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 two 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 sixth-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 sell-off in Meta's shares exceeds the market caps of all but eight companies in the S&P 500 Index.