Believe it or not, Facebook is now worth more than the world’s largest retailer, Walmart. In just three years as a public company, Facebook has pipped Walmart in terms of net worth.
Over the last year, Facebook’s stock has jumped roughly 30 percent and the climb has added more than $65 billion to its market value, bringing it to more than $236 billion, just above Walmart’s $235 billion, reported Quartz.Although market cap leapfrogging like this is not uncommon, this one might appear ridiculous to many. Walmart has a far larger economic footprint. Also Read - TikTok most downloaded non-gaming app globally in March
By revenue, Walmart is the world’s largest company with annual sales figure of $476 billion last year. Facebook clocked around $12.5 billion in revenues in the corresponding period. Over time, markets have shifted in a way that reflects technology’s growing economic importance, at least in the minds of investors. Also Read - Fake 'Clubhouse for PC' app ads appear on Facebook: Here's why they don't need your attention
The largest US companies by market value are Apple and Microsoft, and Google has also fought its way into the top five. Also Read - Facebook's ad delivery system shows gender bias: Study