Facebook and Nvidia drop out of top 10 most valuable companies in the world

Both leading technology companies, Facebook and Nvidia, suffered heavy losses after the trading week ended September 16.

The giant Facebook, now Meta Platforms, has a big setback after a year. At the beginning of September 2021, this company joined the club of trillion-dollar companies with a value of up to 1.078 billion. But a year later, the social network’s value dropped by two-thirds to $393 billion.

By September 16, Facebook’s value was only about $146 billion, making the company fall out of the top 10 most valuable companies on the planet, currently ranked 12th, according to thestreet.com .

2022 is also a difficult year for chip maker Nvidia. Shares of Nvidia fell 8.3% in the trading week ending September 16, costing the company another $30 billion in market value this week.

Since its heyday when it was valued at $823 billion on November 15, 2021, Nvidia has lost more than 60% of its value within 10 months, now remaining at $328 billion.

The $1 trillion club currently has just five members: Apple (AAPL), oil giant Saudi Aramco, Microsoft (MSFT), Alphabet (GOOGL) and Amazon (AMZN), according to companymarketcap.com.

Electric vehicle maker Tesla (TSLA) is approaching a trillion-dollar valuation with a market capitalization of $944 billion as of September 16.

But the past week has taken a heavy toll on the top tech companies in the US. According to the India Times , the six biggest tech firms lost up to $500 billion as inflation sent tech stocks plunging.

Accordingly, Apple suffered the heaviest loss when it lost up to $ 154 billion, while Microsoft lost $ 109 billion. Amazon lost $98 billion, Alphabet (Google’s parent company) lost $85 billion, Meta (Facebook’s parent company) lost $42.5 billion, and Nvidia dropped $34 billion.