Considered one of the largest companies of all time, Meta has lost more than $730 billion in just 16 months. The social media giant, which reached a market value of $ 1 trillion in the summer of 2021, is currently around $ 270 billion. It is also not one of the top 20 most valuable companies in the USA.
Meta and Zuckerberg’s fortune melted: Not in the top 20
Sharing its financial reports for the third quarter of 2022, Meta reported a record loss. Shares of the company, which lost $ 730 billion in 16 months and fell to a market value of $ 270 billion, are trading at their lowest level since 2016.
The decline in the value of Meta deeply affected its CEO, Mark Zuckerberg. Mark Zuckerberg’s fortune fell another $11 billion in the last quarter. This means that his net worth has decreased by more than $100 billion in one year.
Meta, which first reached a value of $ 1 trillion in June 2021; It competed with competitors such as Apple, Microsoft, Alphabet, and Amazon. Today, however, it has fallen into the same league as Pfizer and Coca-Cola. While the value of Meta has decreased to 270 billion dollars, it has been stated that it has lost 147 billion dollars since last year.
Still, Zuckerberg’s support for the metaverse remains. Meta CEO said that there is “a lot of stuff going on” in the world right now, regarding the financial report. “We’re having advertising challenges, especially at Apple. We have long-term investments that we believe will yield greater returns over time.”
It should be noted that the shares of the company, which passed the trillion-dollar market value threshold, also decreased. Still, Apple, Microsoft, Alphabet and Amazon remain companies worth more than $1 trillion.
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