Bitcoin Bests Facebook’s Market Cap

As of Friday morning, Bitcoin surpassed Facebook’s ($FB@US) parent company Meta Platforms, continuing a trend where the two companies seem to be passing one another on the weekly news cycle. At press time, Bitcoin’s market cap sat just above $700 billion while Meta’s market cap was just over $660 billion. Even though Bitcoin has fallen precipitously from its all-time high in November of 2021, it is still outperforming the rebranded image of Facebook. Contributing to Meta’s issues is the shuttering of the Diem crypto project, which took too long to come to fruition and ultimately proved to be too costly. Negative press for the social media platform pushed its market cap down $200 billion basically overnight—a number that’s higher than the market cap of every cryptocurrency other than Bitcoin and Ethereum. Moreover, Meta missed earnings estimates for the 4th quarter by 17 cents per share, with revenue sitting above industry estimates. Many analysts believe that an erosion of Facebook’s user base is contributing to this issue. At press time, Meta Platforms stock was down more than 26% in early activity, trading just under $238 per share.