Meta Platforms exited the list of the world's 10 largest companies by market capitalization, affected by the worst monthly decline in stocks ever, according to Bloomberg.
After being the world's sixth-largest company with a valuation of more than $1 trillion, Facebook's parent company closed Thursday with $565 billion, ranking 11th behind Tencent Holdings Limited, according to data compiled by Bloomberg.
Meta Platforms, which changed its name from Facebook last year as part of CEO Mark Zuckerberg's attempt to shift the company's focus to interactive digital experiences, has seen more than $500 billion in market value destroyed since its September peak.
The stock extended losses Thursday, following a poor earnings report two weeks ago that revealed stagnant user growth. It is now 46% lower than last year's record.
Tesla, with a market capitalization of $906 billion, took the dead place as the sixth largest after e-commerce giant Amazon. com, followed by Berkshire Hathaway Inc., owned by Laurent Buffett and Nvida Corp. At a price of 613 billion dollars.
The value wiped out by the sell-off in Meta shares exceeds the market caps for all but eight companies in the S&P 500.
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