Facebook (NASDAQ:META), the flagship technology corporation, seems to be going through a serious crisis. During the trading week ending September 16, Facebook stock (NASDAQ:META) fell by tens of billions of dollars in market capitalization.
The consequences are massive for the corporation, which was just evicted from the world’s top ten most valuable companies.
Facebook Stock Falls From The Top 10.
Facebook (NASDAQ:META), now known as Meta Platforms, is a shell of what it was a year ago. Indeed, Facebook (NASDAQ:META) entered the coveted club of corporations valued at $1 trillion or more on September 7, 2021, with a market valuation of $1.078 trillion established that day.
After a year, Facebook’s market valuation has fallen by roughly two-thirds. The corporation now weighs just $393.2 billion, a 63.5% decrease. This is the lowest market valuation attained by Mark Zuckerberg’s empire since January 7, 2019. Facebook (NASDAQ:META) was embroiled in the Cambridge Analytica controversy at the time. The social network enabled the consultancy business, which worked with Donald Trump’s campaign ahead of the 2016 presidential election, to gather private data from tens of millions of its members, allowing it to profile voters.
Currently, according to companiesmarketcap.com, the 1 trillion dollar club has just five members: Apple (NASDAQ:AAPL), Saudi oil behemoth Saudi Aramco, Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL), and Amazon (NASDAQ:AMZN).
Tesla (NASDAQ:TSLA), temporarily a member of this club, is banging on the door again, with a market value of $944 billion as of September 16.
On September 16, Facebook stock (NASDAQ:META) finished the trading week down 13.5% at $146.29, close to its low of $146.01 on March 16, 2020, when restrictions imposed in the early days of the COVID-19 pandemic caused investor panic.
Last week, Facebook’s market value dropped by $62 billion, knocking it out of the top ten in terms of market capitalization. The corporation is currently the world’s 12th most valuable.
Facebook (NASDAQ:META) reported its first quarterly revenue decrease since going public in July 2012.
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