Mark Zuckerberg’s wealth fell by $31 billion, one of the biggest one-day declines on record, after Meta Platforms Inc.’s fourth-quarter results fell short of analysts’ expectations.
Meta is in the midst of a historic slump in shares after Wednesday’s earnings showed that Facebook’s monthly users didn’t grow last quarter compared with the previous quarter, raising concerns about the company’s future growth. At 10:25 a.m. Thursday, stocks in New York fell 24%.
Meta’s sharp decline left Zuckerberg’s net worth at about $92 billion, down from $120.6 billion at Wednesday’s close, according to the Bloomberg Billionaires Index. That’s enough to keep the 37-year-old off the list of the world’s 10 richest people for the first time since July 2015.
A loss of $31 billion in wealth in one day would be the second-biggest loss from a drop in stock prices, after the volatility of Elon Musk’s fortune. The world’s richest man lost $35 billion in a single day in November as Tesla Inc shares asked voters in a Twitter poll whether they should sell their 10% stake in the company. His net worth also plummeted by $25.8 billion last week.
The co-founder of Meta is also facing an unprecedented decline in personal wealth. Dustin Moskovitz, the world’s 79th richest man with a net worth of $21.2 billion as of Wednesday, lost about $3 billion, while Eduardo Saverin, who is worth $17.5 billion ) lost more than $4 billion in value.
Meta Chief Operating Officer Sheryl Sandberg lost more than $100 million from her $2.5 billion personal wealth, according to data compiled by Bloomberg. However, Sandberg’s wealth is less concentrated in the company’s stock than Zuckerberg’s, softening the blow.
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