Meta Platforms, the sixth biggest US company by market capitalisation at the start of the year, saw a massive dip in its market value such that it is now ranked 26th in the country. The parent company of social media giant Facebook has lost a colossal $677 billion (over Rs 55 lakh crore) in market value this year.
Over the last five years, the stock has sunk over 45 per cent. Shark Tank India judge and Shaadi.com Founder Anupam Mittal recently shared a screenshot showing the decline in Meta stock, suggesting that the company probably needs an “Indian CEO”
Mittal didn’t stop here and even put forth former Twitter CEO Parag Agrawal’s name, who was recently fired by Elon Musk, the new owner of the microblogging site. “Meta (Facebook) share price over last 5 yrs. Appears they desperately need an Indian CEO. Perhaps @paraga is available 😉 Any other suggestions?” Mittal’s tweet on October 28 read.
In another tweet made a few hours later, he added, “Latest reports suggest Parag Agrawal is available. [Mark] Zuckerberg take note.”
Notably, Parag Agrawal was terminated as Twitter CEO after Musk acquired the company for $44 billion on Thursday. With this, the Indian-origin techie, who made headlines in November 2021 as he became the CEO of Twitter, made news again. The 38-year-old IIT Bombay and Stanford alumnus had a very short-lived (11-month) stint at the microblogging site.
When Agrawal became the CEO of the global social media giant, he joined the growing list of Indian-origin CEOs at the helm of some of the biggest companies in the US. These include Sundar Pichai – CEO, Google LLC & Alphabet Inc, Satya Nadella – CEO, Microsoft, Parag Agrawal – CEO, Twitter, Leena Nair, Chanel, Arvind Krishna – CEO, IBM Group, among others.
Apparently, Mittal’s tweet suggesting that Agrawal is available was in line with the ever-increasing list of Indian-origin CEOs leading global companies.
Meanwhile, Meta stock was trading near $100 levels on Thursday, sinking to its lowest point since December 2016, as the company reported a 50 per cent decline in profits and revenue sliding by 4 per cent in its third quarter earnings released late Wednesday.
