Meta Approaching $1 Trillion Market Cap After ‘Year of Efficiency’
Meta, formerly Facebook, is approaching a market cap of $1 trillion after a year of efficiency. With its stock price surging by 200% in 2023, Meta is only $33.4 billion away from this major milestone. If achieved, Meta will join the ranks of other tech giants like Microsoft, Apple, Alphabet, Amazon, and Nvidia. This is not the first time Meta has come close to the trillion-dollar mark, as it reached this valuation back in 2021. However, challenges arose in 2022 due to decreased demand. In response, Meta conducted major layoffs and focused on efficiency and cost-cutting measures. The company’s efforts paid off, as it reported strong earnings in 2023 and became the second-best performing company on the S&P 500. The surge in Meta’s stock price has significantly increased CEO Mark Zuckerberg’s net worth, making him the sixth-richest person globally. With continued growth in 2024, Meta is on track to achieve its trillion-dollar goal.