After ten years on the stock market, Meta is no longer the darling of tech

Mark Zuckerberg, founder and CEO of Facebook with his employees in Silicon Valley, California at the opening of the NASDAQ stock exchange on May 18, 2012. Jim Tanner/REUTERS

If the Californian group has been able to multiply its valuation up to ten, its love rating has collapsed.

That was ten years ago, and it feels like an eternity. On May 18, 2012, the young Mark Zuckerberg, dressed in his eternal hoodie, rang the bell on Wall Street for what has remained the most important IPO of an American tech company. The next day, the Facebook boss married his fiancée Priscilla Chan. Meanwhile, the social network, which then had 900 million users, had raised $16 billion. At $38 a share, its valuation exceeded $100 billion.

Facebook’s IPO hadn’t gone so well though. The same day, the action had closed on a disappointing +0.6%. And the worst was to come, with an unscrewing to 18 dollars in August. Markets wondered: wasn’t the darling of Silicon Valley overvalued? Its $3.7 billion in annual revenue looked dim as its growing mobile business was yet to be monetized

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