- Meta Platforms Inc FB continued its slide on February 8 and has now dropped so much in the past week that the company is worth less than chipmaker NVIDIA Corp NVDA, CNBC reports. Meta shares dropped 2.1% to close at $220.18 on Tuesday.
- The stock is down 35% this year and has reached its lowest since July 2020.
- Meta’s market cap dropped to $599 billion, while Nvidia closed at $627 billion, and Visa Inc V at $478 billion.
- Meta has been falling since reporting fourth-quarter earnings last week.
- Meta posted a drop in user numbers and warned about challenges ahead from Apple Inc’s AAPL privacy changes.
- Meta’s first-quarter forecast missed estimates, sending the stock down a record 26% on February 3.
- Nvidia has fallen 7.8% in the last month, and it has also scrapped the Arm Ltd deal amid significant regulatory challenges.
- Not long ago, Facebook was among the five most valuable U.S. companies, alongside Big Tech peers Apple, Microsoft Corp MSFT, Amazon.com Inc AMZN, and Alphabet Inc GOOG GOOGL.
- However, Meta has since fallen to eighth, below Tesla Inc TSLA, Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B), and now, for the first time, Nvidia.
- Price Action: FB shares traded higher by 1.28% at $223 in the premarket session on the last check Wednesday.
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