FACEBROKE: Meta Lost $677 Billion in 2022, Falls Out of Top 20 Largest Companies

posted by Hannity Staff - 10.27.22

Mark Zuckerberg’s Meta is having a miserable year.

According to a Bloomberg report, Facebook parent company Meta has lost $677 Billion dollars this year, knocking it out of the world’s Top 20 stocks; Meta was the sixth biggest US company by market capitalization at the start of the year.

From Bloomberg:

Once a Wall Street darling, Meta is gradually losing favor with brokerages. At least three investment banks — Morgan Stanley, Cowen and KeyBanc Capital Markets — cut their rating on the stock after the company gave a disappointing quarterly revenue outlook.

“Meta remains too aggressive with its investments in long-term initiatives despite a sharp deceleration in expected revenue growth,” said Mandeep Singh, an analyst at Bloomberg Intelligence. “The company’s opex and capex view for 2023 is surprising, given the lack of traction so far with its metaverse efforts.”

While Thursday’s premarket slump is a big move, it pales in comparison to its record-setting rout in February when it plunged 26% on the back of woeful earnings results, and erased about $251 billion in market value. That’s the biggest wipeout in market value for any US company ever.

More over at Bloomberg:

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