Meta Platforms drops out of top 10 companies by value, with new 4% dip

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Meta Platforms' (NASDAQ:FB) worst month ever continues: The stock tacked on another 4.1% loss Thursday, another $24 billion in market capitalization out the window as the stock dropped out of the top 10 most valuable companies.

At a value of $565 billion, Facebook fell to the No. 11 spot, a ways behind Tencent Holdings at No. 10. During the fall, Meta has stumbled past companies including Tesla, Berkshire Hathaway, Nvidia, and Taiwan Semiconductor.

When it was Facebook, Meta had been among the top five or six most valuable companies in the world for the past few years.

Meta's now near a two-year low, at its lowest point since May 2020.

Thursday's move accelerated a staggering loss of value that amounts to a 46% decline from an all-time high of $382.96 on Sept. 7. The amount of market value it's lost is bigger than nearly every company in the S&P 500. (Compare its decline since the September high with fellow big techs Apple, Microsoft, Alphabet and Amazon.com here.)

Earlier Thursday, MoffettNathanson mounted something of a defense of the stock, suggesting that the company's story is more complicated than it appears and the stock is trading at a discount.