Meta Loses $500 Billion and Drops Out of the Top 10 Companies in the World

Meta Platforms, the parent company of Facebook, has fallen out of the ranking of the ten largest companies in the world by market capitalization, affected by its worst monthly stock decline ever, which wiped out $500 billion from its market value. According to Bloomberg, Meta's market value dropped from sixth place when it exceeded $1 trillion, closing Thursday with a market value of $565 billion, thus plummeting to eleventh place. Following the announcement of earnings that fell short of expectations two weeks ago and the revelation of stagnant user growth, the company's stock declined by 46% from its peak recorded last year.