Meta shares plunged 9% on Tuesday, and after ranking as high as fifth last year, Facebook's parent company is sinking down the ranks of most valuable U.S. companies.
After a 9.4% daily slide in its stock, Meta META, -9.37% ranked 10th by market value as of Tuesday’s close, falling below Visa Inc. V, -3.37% for the first time since the start of August. Meta, the parent company of Facebook and Instagram, ranked fifth among U.S. companies as recently as December, according to Dow Jones Market Data, and joined the four other Big Tech companies — Apple Inc. AAPL, -5.87%, Microsoft Corp. MSFT, -5.50%, Google parent Alphabet Inc. GOOGL, -5.90% GOOG, -5.
Meta’s stock suffered its sharpest daily decline since February in Tuesday’s trading amid broad-market pressure brought on by the latest consumer-price-index reading, which resurfaced fears about the potential effects of inflation on the advertising landscape. Chief Executive Mark Zuckerberg said on that July call that “we seem to have entered an economic downturn that will have a broad impact on the digital advertising business.”
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