20 years of Facebook: Meta added ‘more than one TCS’ in a day to its value | – Times of India

Meta, the parent company of social media giant Facebook, last week announced its 2023 fourth quarter earning results. Dazzling shareholders with its performance where the company’s total revenue rose by 25% in the fourth quarter year-over-year (YoY), it grew from $32.2 billion to $40.1 billion.
According to a report by The Economic Times, the company’s stock rose 20% on Friday (February 2) to close at an all-time high of $475.This sent the company’s market cap to record $197 billion in a day – two years after a $251 billion wipeout.
Interestingly, this value add is ‘more than one TCS’ or ‘twice the market cap of ICICI Bank ($86 billion). India’s second-most valued company had a total market cap of $173 billion at that time. As per companiesmarketcap.com, the market capitalisation of Tata Consultancy Services (TCS) as of February 2024 is $180.18 billion.
Biggest surge in history
The ET report said that this surge is the biggest in history – more than what Apple, Amazon and Nvidia achieved in the past.

Meta suffered biggest value destruction in 2022
Meta is also the only company to have suffered the single biggest value destruction in the market history. It lost $251 billion in a single day on February 2, 2022, bringing the company’s value to a mere $89 billion in the next 9 months on November 3, 2022.
Shareholders rejoice, Zuckerberg becomes 4th richest
Meta also announced that it will pay shareholders $0.50 per share dividends. Company CEO Mark Zuckerberg, who owns approximately $350 million in Meta shares, is expected to receive an additional $175 million in dividends this quarter.
The Facebook co-founder’s net worth surged by $28.1 billion and he is now worth $170.5 billion – the richest he’s ever been. Zuckerberg surpassed Bill Gates to capture the fourth spot on the Bloomberg Billionaires Index.