Facebook has lost $500bn since the company underwent its drastic rebrand in October 2021.
As per a report from New York Magazine, the Meta Platforms, Inc. conglomerate – Facebook’s holding company – has lost half a trillion dollars since they decided to undergo a name change.
The drop in value has led to Facebook, which was once ranked the sixth-most most valuable company in the world, falling out of the top ten entirely.
.@CaseyNewton explains that Facebook's pivot to the metaverse is not necessarily doomed to fail: “I think that investors who are dumping them now might be in for a rude awakening if and when Facebook figures this out.”
— New York Magazine (@NYMag) February 18, 2022