Apple is now worth more than Meta, Amazon, and Google’s Alphabet combined
As tech stocks crater, Apple appears to be weathering the storm better than the once-trillion-dollar rivals like Google’s Alphabet, Amazon, and Facebook’s Meta.
Over the past month, Apple stocks have held up during this bad market faring better than its peers. The iPhone giant is now worth more than Alphabet Inc., Amazon.com Inc., and Meta Platforms combined, The comparison was spotted on Twitter by financial YouTuber Joseph Carlson.
Apple is now worth as much as Meta, Amazon, and Google COMBINED.
— Joseph Carlson (@joecarlsonshow) November 2, 2022
Apple has outperformed the other three tech giants over both the past month and the course of 2022. Shares of Apple were up 4.9% in the past month, while shares of Amazon are off 18.5%, shares of Alphabet are down 9.1%, and shares of Meta are down 33.3%.
Apple’s stock has lost 18.3% on a year-to-date basis, while Alphabet’s has declined 40.5%, Amazon’s has fallen 44.7% and Meta’s has plunged 73.1%.
As we reported earlier in the week, Meta is at a point of no return slowly becoming the new MySpace. The social giant saw its stock fall to an all-time low of $89 as of the time of writing. Meta has lost over $700 billion since it rebranded to focus on the metaverse.
The contrast illustrates the sharp comedown in technology shares this year. Apple was worth $2.913 trillion to close out 2021, according to Dow Jones Market Data. The grouping of Alphabet, Amazon, and Meta was worth $4.410 trillion at that time.
The elite trillion-dollar big tech club known as MAMATA used to be worth a combined market value of $10 trillion. But that changed in May after the turmoil in the stock market caused the tech giants to lose over $1 trillion of their combined value in just three trading days as the market rout continues.
Meanwhile, Meta has lost over $700 billion of its market value since October 2021 when CEO Mark Zuckerberg rebranded the social giant to a metaverse company. That’s not all. Zuckerberg has also lost over $100 billion in personal net worth. But Zuckerberg is backing down. Instead, the company doubles down and said it plans to spend billions more to achieve its metaverse ambition. Over the last year, Meta spent $45 billion on stock buybacks at $330 a share. Today, its stock is now worth only $94.
Meta believes the metaverse is a game-changing technology and believes the early mover advantage will potentially make Meta the first multi-trillion dollar company. While its stock continues the free fall, Zuckerberg doubled down on losing even more money building the metaverse.
Meta also said it plans to invest $10 billion in the metaverse to reflect the company’s new vision. At the time, Meta said it plans to hire 10,000 people in the European Union to build a “metaverse.” Zuckerberg added that the metaverse is a major investment for the company and plays a vital role in the company going forward.
Banking on the future success of the metaverse. Meta also spent about $45 billion buying back 136 million shares in 2021. The social giant paid around $330 per share, according to a report from Business Insider, citing filings from the Securities and Exchange Commission (SEC).