[Asia Economy Reporter Jeong Hyunjin] Meta Platforms, the parent company of Facebook, has been excluded from the list of the world's top 10 companies by market capitalization. Since its peak in September last year, Meta's market capitalization has dropped by more than 600 trillion KRW, and its stock price has fallen nearly 40% this year, shaking the company's value.
On the 17th (local time), Bloomberg reported that Meta's market capitalization fell to $565 billion (approximately 677 trillion KRW), dropping to 11th place globally. Meta once recorded a market capitalization exceeding $1 trillion but has experienced a continuous decline in its stock price until recently.
Meta's stock price plunge has continued since September last year. After facing various adversities last year, Meta changed its name from Facebook to Meta in October and has since focused on new business growth centered around the metaverse. However, the market expressed concerns about Meta's growth after the Q4 earnings report released earlier this month, resulting in a 26% stock price crash in a single day.
Meta's decline has continued even after the earnings announcement. CEO Mark Zuckerberg has urged employees to transform platforms like Instagram into short-video-focused platforms, but the stock price fell further, currently down 38% compared to the beginning of the year and 46% from the peak in September last year. Bloomberg reported, "Meta's market capitalization has decreased by $513 billion from its peak."
With Meta pushed out of the top 10 by market capitalization, US semiconductor company Nvidia (market cap $613 billion), which was ranked 11th as of September last year, has moved up to 8th place. Apple ($2.8 trillion) and Microsoft ($2.2 trillion) firmly hold the 1st and 2nd positions, while Aramco, Alphabet, and Tesla have experienced ranking changes within the top 10.
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