<p>The punishment shows no signs of easing anytime soon. Meta&rsquo;s stock is down as much as 25% after it spooked investors with ballooning costs to fund its version of virtual reality and a decline in revenue.</p>
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<p id="3">Meta was the sixth biggest US company by market capitalisation at the start of the year, flirting with a $1trillion market value. Fast forward 10 months and the stock will be worth about $258 billion, ranking it 26th. Its market value is now smaller than companies including Chevron, Eli Lilly and Procter &amp; Gamble</p>
<p id="4">Once a Wall Street darling, Meta is gradually losing favour with brokerages. At least three investment&nbsp;banks -- Morgan Stanley, Cowen and KeyBanc Capital Markets -- cut their rating on the stock after the company gave a disappointing quarterly revenue outlook.</p>
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<p id="2">&ldquo;Meta remains too aggressive with its investments in long-term initiatives despite a sharp deceleration in expected revenue growth,&rdquo; said Mandeep Singh, an analyst at Bloomberg Intelligence. &ldquo;The company&rsquo;s opex and capex view for 2023 is surprising, given the lack of traction so far with its metaverse efforts.&rdquo;&Acirc; While Thursday&rsquo;s premarket slump is a big move, it pales in comparison to its record-setting rout in February when it plunged 26% on the back of woeful earnings results, and erased about $251 billion in market value. That&rsquo;s the biggest wipeout in market value for any US company ever.</p>
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<p id="2">The decline in the stock this year has attracted value investors, who buy beaten-down stocks in anticipation of a turnaround. But there&rsquo;s no sign of those bets paying off any time soon. Meta announced its shift to investing in virtual reality a year ago, along with a name change of the company from Facebook Inc. to Meta Platforms. The company said Wednesday it expects total expenses for this year to be $85 billion to $87 billion.&Acirc; For 2023, that number will grow to an expected $96 billion to $101 billion. That&rsquo;s the big negative, since investors were hoping Meta would aggressively cut costs, said Neil Campling, an analyst at Mirabaud Securities.&nbsp;</p>
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Meta’s $677bn rout boots it out of world’s top 20 stocks

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