Facebook has also suffered a huge loss amidst the sell-off between IT and tech companies. Over the past month, Facebook's parent company Meta Platforms Inc's stock has seen a sharp decline. Due to this, the company's MCap has come down rapidly and it has to look out of the list of top 10 companies.
Reports say that when the market closed on Thursday, facebook's parent company's meta has dropped to $565 billion, thus exiting meta top 10 and also at the 11th position after Tencent Holdings Ltd. At one point, Meta Platforms' Mcap had crossed $0.1 trillion and was also the sixth most valuable company in the world.
Its peak was in September last year. Since then, the value of the company has decreased to almost half. The company has suffered a loss of more than $500 billion in Mcap. Mark Zuckerberg's Metovers plan has also started rebranding the company recently and the name of the parent company has been changed to Meta instead of Facebook. The company has also faced adverse conditions in the market due to the decline in the number of daily active global users for the first time.
According to Bloomberg's data, Apple is currently the world's largest company with a valuation of $2.8 trillion. This is followed by Microsoft, which is now valued at $2.2 trillion. Saudi Arabia's oil company Aramco has also been named the world's third most valuable company with a $2 trillion Mcap. This is followed by Alphabet, the parent company of Google with $1.8 trillion and Amazon with $1.6 trillion.