Facebook used to be a Big Tech giant — now Meta isn’t even in the top 20 most valuable U.S. companies

OfTheCross

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Keeping my overhead low, and my understand high

KEY POINTS
  • Last year, Facebook was among the five most valuable U.S. companies, with a market cap over $1 trillion. Now the company is worth about $270 billion.
  • Meta forecast a third straight quarter of revenue declines on Wednesday, leaving CEO Mark Zuckerberg to thank investors who are still on board for their patience.
  • The company is no longer in the top 20 in terms of market cap in the U.S.
Sixteen months after Facebook crossed $1 trillion in market cap, joining an exclusive club consisting of Apple, Microsoft, Alphabet and Amazon, its parent company Meta is worth less than Home Depot and barely more than Pfizer and Coca-Cola.

Far from Facebook’s Big Tech days, Meta is no longer among the 20 most valuable U.S. companies after the stock sank 23% on Thursday. The company has shed 70% of its value this year and 74% since the stock peaked in September 2021, totaling over $730 billion in market cap lost. It’s trading at its lowest since early 2016, when Barack Obama was still president.

The stunning collapse of Meta’s share price is reminiscent of the dot-com bust days, but far bigger in terms of value erased from a single company. The slide began late last year as signs of a sputtering economy started to emerge, and accelerated in early 2022 after the company said Apple’s privacy change to iOS would result in a $10 billion revenue hit this year.

Founder and CEO Mark Zuckerberg has been unable to stop the bleeding and only seems to be making matters worse. Since changing the company name to Meta a year ago Friday, Zuckerberg has said its future is the metaverse, a virtual universe of work, play and education. But investors just see it as a multibillion-dollar money pit, while the core advertising business shrinks — Facebook is forecasting a third consecutive drop in revenue for the fourth quarter.
 

Ciggavelli

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Meta is still making a shyt ton of money though.

In 10 years Zuckerberg is either gonna look like a genius with his metaverse bet or an idiot. It's hard to tell at this point which one is more likely
 

Json

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Meta is still making a shyt ton of money though.

In 10 years Zuckerberg is either gonna look like a genius with his metaverse bet or an idiot. It's hard to tell at this point which one is more likely
I mean in the history of advancement it’s usually not the first person out the gate who profits off the idea.

Nickola Tesla’s whole image is based off this
 

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I mean in the history of advancement it’s usually not the first person out the gate who profits off the idea.

Nickola Tesla’s whole image is based off this
Well Apple is developing a metaverse type product as well. Apple's AR glasses will be locked down while Meta's are supposed to be open. It's hard to bet against Apple, but Android has been successful with the open approach
 

GoldenGlove

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Lol....that's what Zuckerberg claims :yeshrug:
Zuckerberg is trying to create an ecosystem with his metaverse so that it can rival the power that Apple has now with iOS.

META is way too early in this space IMO. They are spending so much money with no return, and no guarantee this shyt will stick anytime soon. Also, you have Apple lurking, and whenever Apple gets into a space, they are going to introduce it in a way that is cool. They have the brand loyalty. I just don't see everybody putting on a big ass headset in their spare time. The investment is massive for something that could very well just be a niche thing.



I also think that AR is the next step and has a ton to be explored before VR is the mainstream wave for entertainment, work and gaming.
 

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Zuckerberg is trying to create an ecosystem with his metaverse so that it can rival the power that Apple has now with iOS.

META is way too early in this space IMO. They are spending so much money with no return, and no guarantee this shyt will stick anytime soon. Also, you have Apple lurking, and whenever Apple gets into a space, they are going to introduce it in a way that is cool. They have the brand loyalty. I just don't see everybody putting on a big ass headset in their spare time. The investment is massive for something that could very well just be a niche thing.



I also think that AR is the next step and has a ton to be explored before VR is the mainstream wave for entertainment, work and gaming.

AR is the future not VR. The AR glasses need to not be a crazy size either. Apple will make one that looks cool most likely. I have no idea what a Meta styled AR pair of glasses will look like. I think we're like 5 - 10 years away from having the tech to make such a small computing device powerful enough though
 

GoldenGlove

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AR is the future not VR. The AR glasses need to not be a crazy size either. Apple will make one that looks cool most likely. I have no idea what a Meta styled AR pair of glasses will look like. I think we're like 5 - 10 years away from having the tech to make such a small computing device powerful enough though
Meta has the Ray-Ban Stories smart glasses which is where things are going for wearables. I have a pair, they're cool. Got em as a BDay gift last year.

Just a way to take videos and photos with voice or a tap of a finger. The speakers are cool too. Surprisingly.
 

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Meta has the Ray-Ban Stories smart glasses which is where things are going for wearables. I have a pair, they're cool. Got em as a BDay gift last year.

Just a way to take videos and photos with voice or a tap of a finger. The speakers are cool too. Surprisingly.
Yeah true. I just assumed they were too limited with the features, so I immediately disregarded them, but I guess they are a start. I personally want futuristic AR glasses. I can't wait for them. I'll probably get the Apple ones no matter what. I'll wait on the Meta ones
 

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google and facebook devs are far better than apple devs. see maps for an example.
Perhaps. All the devs in FAANG are top notch. The hiring process is brutal with those companies. I'm not a engineer only a UX Researcher and the hiring process was brutal. I interviewed with most of the FAANG companies and all of them have brutal interviews. The worst was Amazon, but I signed an NDA and can't discuss why
 
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