Berkshire Unseats Meta For S&P 500’s Sixth Largest Stock

Yesterday, the news of the day was Alphabet’s (GOOG) massive gain on earnings that added $132 billion in market cap. The gain pushed Alphabet closer to the $2 trillion market cap club, which currently has two other members: Apple (AAPL) and Microsoft (MSFT).

Today, another mega-cap Tech stock is in the spotlight for the opposite reason. After reporting weak quarterly results and forward guidance, Meta Platforms (FB) has shed over $225 billion in market cap. Given that is the stock’s worst single-day drop in its history as a public company, it is also the largest single-day drop in its history in terms of market cap. As a result of the decline, Berkshire Hathaway (BRK-B) has unseated FB for the S&P 500’s sixth-largest stock. At the moment, Berkshire’s market cap of ~$710 billion is more than $20 billion higher than Facebook’s (FB) $687 billion market cap.

Since the end of last year, BRK/B has actually now risen two spots in the rank of S&P 500’s largest stocks, eclipsing both Facebook (FB) and NVIDIA (NVDA). As for some other notables, Exxon Mobil (XOM) and Coca-Cola (KO) have made huge jumps in the rankings this year, rising 10 and 9 spots, respectively, to break back into the top 20 list. Looking at the change in rankings over the past couple of years, NVIDIA (NVDA) has also notably risen through the ranks at a very rapid pace, jumping 31 spots since the end of 2019. While Tesla (TSLA) was not a part of the S&P 500 at the end of 2019, taking where it would have ranked in the index back then, its 79-spot jump is even more impressive.