Meta Evokes Big Tech’s Glory Days With Biggest Surge Since 2013
- Meta is the best performer in S&P 500 Index since November low
- Company briefly tops $500 billion after pledging efficiency
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A spectacular turnaround in Meta Platforms Inc.’s stock is bringing back flashes of Big Tech heydays.
The Facebook owner’s stock surged 23%, its biggest jump since 2013, to help it briefly trade over $500 billion in market capitalization. The latest rally comes after Chief Executive Officer Mark Zuckerberg pledged Wednesday to make the social-media company leaner. Analysts welcomed the move, with at least three brokerages upgrading their recommendations on the stock after the earnings report.