Financial Associated Press (Shanghai, editor Zhao Hao) news, on Thursday (February 17) the nasdaq index dominated by technology stocks fell by nearly 3%, the US technology giants naturally did not survive.
Among them, Meta Platforms Inc. led the decline of FAANG's top five technology stocks with a decline of 4.08%, which is not only bound to record the worst monthly performance in the history of the company's listing, but also fell out of the list of "the world's top 10 companies by market capitalization".
Meta (formerly Facebook), once the world's sixth-largest company with a valuation of more than $1 trillion, closed thursday at just $565.4 billion, ranking 11th after Tencent Holdings ($589.8 billion), according to data compiled by Bloomberg.
Tesla, on the other hand, has a market capitalization of $905.7 billion, replacing Meta as the sixth-largest company, behind e-commerce giant Amazon ($1.6 trillion). Warren Buffett's Berkshire Hathaway trails Tesla with $700.6 billion, followed by Nvidia ($613 billion) and TSMC ($600.3 billion).
Last year, CEO Mark Zuckerberg changed the company name from Facebook to Meta in an attempt to shift the focus of the business from social media to the "metacosm."
Still, the company appears to have suffered a lot of bad news since the name change: Apple's app store privacy rules, barrage of lawsuits and a dismal number of active users in its earnings report two weeks ago. The stock price has also moved down rapidly, falling 46% from its 2021 highs.
As for the "metaverse" business, there seems to be a little improvement. According to the latest report from the technology media The Verge, chris Cox, the company's chief product officer, revealed data from VR social platform Horizon Worlds to employees for the first time.
Cox said that since Meta launched the platform to all Quest users in the U.S. and Canada in early December last year, its monthly user base has grown 10-fold to 300,000 people. Meta spokespersons also confirmed this figure.
Meta didn't say how many Quest headsets have been sold so far, but some third parties estimate Quest's sales to be more than 10 million. Zuckerberg recently said that Meta will release a horizon version for mobile phones later this year, "taking the metaversic experience beyond VR."
It should be emphasized that Horizon Worlds has not yet achieved profitability for Meta, and it remains to be seen whether it will eventually succeed. Given its expensive metacosmity spending, when Meta's stocks stop plummeting, and where they fall, can challenge the patience of stockholders and retail investors in the long run.
According to The Verge, Zuckerberg presented the latest working principles to all employees in an online meeting on Tuesday, including rapid collaborative execution, creating outstanding products, focusing on long-term repercussions and not being satisfied with the status quo.
Zuckerberg called his employees "Metamates" at the meeting and asked employees to communicate more directly with respect for each other.