Meta Slips Out of Top-10 Most Valued Companies

Meta has dropped to 11th rank in the list of world's most valued companies

American tech giant Meta Platforms Inc has slipped out of the list of world's 10 most valued companies.

Meta, formerly known as Facebook, was once the sixth largest company in the world with market value of more that $1 trillion, reported Bloomberg. However, with the recent drop, company has slipped to the 11th position in the list of most-valued companies in the world, with valuation of $565.4 billion, the report added.

In the new rankings, Tesla is at the sixth spot with market value of $905.7 billion.

The report also stated that Meta was at peak last on 7 September 2021. Since then, the social media giant has lost market value of more than $500 billion.

Earlier this month, on 3 February, Meta shares registered a drop of 26 percent, resulting in a reduction of about $250 billion from Meta's market value.

This was the first time when Facebook lost daily users globally, and reported lower than expected ad growth.

Here is the list of world's top-11 most valued companies, according to Bloomberg's data.

1. Apple: $2.8 trillion

2. Microsoft: $2.2 trillion

3. Aramco: $2 trillion

4. Alphabet: $1.8 trillion

5. Amazon: $1.6 trillion

6. Tesla: $905.7 billion

7. Bershire Hathaway: $700.6 billion

8. Nvidia: $613.0 billion

9. TSMC: $600.3 billion

10. Tencent: $589.8 billion

11. Meta: $565.4 billion

(With inputs from Bloomberg Quint.)