Facebook Parent Meta Falls Behind Nvidia

Meta Platforms Inc FB continued its slide on February 8 and has now dropped so much in the past week that the company is worth less than chipmaker NVIDIA Corp NVDA, CNBC reports. Meta shares dropped 2.1% to close at $220.18 on Tuesday.
The stock is down 35% this year and has reached its lowest since July 2020.
Meta’s market cap dropped to $599 billion, while Nvidia closed at $627 billion, and Visa Inc V at $478 billion.
Meta has been falling since reporting fourth-quarter earnings last week.
Meta posted a drop in user numbers and warned about challenges ahead from Apple Inc’s AAPL privacy changes.
Meta’s first-quarter forecast missed estimates, sending the stock down a record 26% on February 3.
Nvidia has fallen 7.8% in the last month, and it has also scrapped the Arm Ltd deal amid significant regulatory challenges.
Not long ago, Facebook was among the five most valuable U.S. companies, alongside Big Tech peers Apple, Microsoft Corp MSFT, Amazon.com Inc AMZN, and Alphabet Inc GOOG GOOGL.
However, Meta has since fallen to eighth, below Tesla Inc TSLA, Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B), and now, for the first time, Nvidia.
Price Action: FB shares traded higher by 1.28% at $223 in the premarket session on the last check Wednesday.