Meta’s $677 billion rout boots it out of the world’s top 20 stocks

Meta Platforms shareholders are paying dearly for its spending on the metaverse: The Facebook parent’s market value has collapsed by a whopping $677 billion this year, forcing it out from the ranks of the world’s 20 largest companies.

The punishment shows no signs of easing anytime soon. Meta’s stock is down as much as 25 per cent after it spooked investors with ballooning costs to fund its version of virtual reality and a decline in revenue.

Meta was the sixth biggest US company by market capitalisation at the start of the year, flirting with a $1-trillion market value. Fast forward 10 months and the stock will be worth about $258 billion, ranking it 26th. Its market value is now smaller than companies including Chevron, Eli Lilly and Procter & Gamble.