Facebook falls to no.8 in list of most valuable US firms, shows data

Facebook parent Meta continued its slide on Tuesday and has now dropped so much in the past week that the company is worth less than chipmaker Nvidia. Meta shares dropped 2.1 per cent to close at $220.18. 

The stock is down 35 per cent this year and is trading at its lowest since July 2020.  Not long ago Facebook was among the five most-valuable US companies, alongside Big Tech peers Apple, Microsoft, Amazon and Alphabet. Meta Platforms’s one-day crash now ranks as the worst in stock-market history. 

The Facebook parent plunged 26 per cent on February 3 on the back of woeful earnings results, and erased about $251.3 billion in market value. That’s the biggest wipeout in market value for any US company ever.