Meta withdrew from the list of the 10 most expensive companies in the world due to the collapse of shares.

Meta Plaforms, the owner of the Facebook social network, withdrew from the top ten largest companies in the world by market capitalization due to the collapse of shares in January, Bloomberg writes. Meta lost about half of its value and dropped from the sixth line with an estimate of more than a trillion dollars in September 2021 to the 11th, with a value of $ 565 billion, according to data from the NASDAQ stock exchange.

Now the company is worth even less than Tencent Holdings, the parent company of the Chinese Alibaba Group, whose annual loss of value in October 2021 amounted to $ 344 billion due to the repression of the Chinese authorities. Instead of Meta, the sixth position in the list of the most expensive companies in the world is now occupied by the manufacturer of electric cars Tesla (cost – 906 billion dollars).

At the end of January, which became the worst month in the company’s history, Meta shares were waiting for a new collapse in early February. After the publication of the reports for the fourth quarter of 2021, the securities of the owner of Facebook lost a quarter of their value on February 3 — the capitalization per day decreased by $ 237 billion, and the company broke the record of a daily drop in value in the history of the U.S. stock market. Investors were disappointed by the information that for the first time in the entire existence of the social network, the number of daily active users decreased, and the indicators were below market expectations.

According to Meta representatives, the company’s revenues decreased due to a whole range of factors. Among them are changes to the privacy policy in Apple’s iOS, inflation in the U.S. and supply chain problems that affect advertisers’ business. The tech giant also noted a trend that users are switching to less profitable products for the company than the main news feed. For example, people spend more time watching Reels videos on Instagram.