Bitcoin BTC/USD has surpassed Facebook parent Meta Platforms Inc FB in value once again.
What Happened: The apex coin had a market cap of $704 billion at press time, while Meta was valued at $661.4 billion.
The world’s most highly valued company is Apple Inc AAPL, which enjoys a market cap of $2.82 trillion.
Bitcoin entrepreneur Anthony Pompliano noted the erosion of Meta’s market cap on Twitter.
Facebook has lost more than $200 billion of market cap today, which is larger than every single cryptocurrency except for Bitcoin and Ethereum.— Pomp (@APompliano) February 3, 2022
On Thursday, the shares of Mark Zuckerberg-led Meta fell 26.4% to $237.76 in regular trading, while the shares rose 1.6% to $241.50 in the regular session.
At press time, Bitcoin traded 1.2% higher at $37,380.02 over 24 hours.
See Also: How To Buy Bitcoin (BTC)
Why It Matters: This is not the first time Bitcoin has eclipsed Meta in terms of market cap. The social media behemoth lagged the apex coin in those terms in October as well.
On Wednesday, Meta reported fourth-quarter earnings per share of $3.67, missing estimates of $3.84. Revenue came in at $33.67 billion, which was above the Street estimated $33.38 billion.
Significantly, Facebook users declined for the first time on a quarterly basis from 1.93 billion in the third quarter to 1.929 billion in Q4.
This decline in the Facebook user base may be an indication that the app is reaching a saturation point globally.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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