Meta Platforms Inc. is no longer the most valuable company in the world

Meta Platforms Inc. META is no longer one of the top 10 most valuable companies in the world, as its market cap fell to $366.61 billion with shares of the company closing 3.67% lower on Thursday.

What Happened: Meta has moved to the 12th position among companies with the top market cap, behind Exxon Mobil Corp XOM whose market cap was $369.59 billion, taking it to the 11th spot, according to data from companiesmarketcap.com. The stock of Visa Inc. V is at the 10th position, with a market value of $372.51 billion.

Apple Inc. AAPL is the most valuable company in the world, with a market value of nearly $2.29 trillion as of Thursday's close.

Meta CEO Mark Zuckerberg announced plans to reorganize teams and trim headcount for the first time, according to a report by Bloomberg.

Zuckerberg said the company will freeze hiring and restructure some teams to reduce expenses and realign priorities. Meta will likely be smaller in 2023 compared to what it was this year, he said.

How can I buy Meta Formerly Facebook Stock?

It's important that Meta's market cap hit its highest level on September 1, 2021, when it peaked at slightly over $1.07 trillion. A financial market rout following the U.S. Fed's aggressive rate hikes to control inflation took a heavy toll on tech stocks this year.

Meta shares lost 59% since the beginning of 2022.

Over the same time period, Exxon Mobil's shares gained over 39%, due to a rise in oil prices due to Russia-Ukraine war and the global energy shortage.

The company had earnings of $17.9 billion in the second quarter, compared to $4.69 billion in the same period last year. The company attributed the higher numbers to increased production, higher realizations and margins, and aggressive cost control.

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