Top companies in the world

Meta's capitalisation fell to $565bn at the end of yesterday's trading, putting it in 11th place.

Meta (formerly Facebook) has dropped out of the world's top 10 companies by market capitalisation, according to Bloomberg calculations. In yesterday's trading, Meta's capitalisation fell to $565bn, putting it in 11th place, behind China's Tencent ($589bn). First place now goes to Apple with $2.8 trillion, second to Microsoft with $2.2 trillion and third to Saudi Aramco with $2 trillion.

Facebook reached its peak capitalization in June-September last year, crossing the $1 trillion mark after the failed attempt by U.S. authorities to break up the company, which many accuse of monopoly.

But already at the beginning of this year Meta's share price went down sharply. At the beginning of February, the drop was 20% due to a decline in the number of active users and the company's weak outlook for the year and the capitalisation collapsed by $175 billion in one day. As a result, Mark Zuckerberg slipped to 12th place in Forbes' list of the world's richest people.

In an attempt to address the crisis, Mr Zuckerberg this week unveiled a list of new corporate values to replace the previous ones proclaimed for Facebook in 2007. However, Mr Zuckerberg's announcement was met with a cool reception from investors and the media the company's shares fell by a further 6% over the next two days, with some US media outlets calling the changes announced by Mark Zuckerberg "ridiculous and ludicrous".