According to Bloomberg News, the wealth of Mark Zuckerberg has dropped by as much as $31 billion. This marks the biggest drop on a single day in his wealth ever after Meta Platforms Inc’s fourth-quarter results fell short of the analysts’ expectations.
Meta is facing a historic collapse of stocks following its earnings on Wednesday, when it was found that there has been no growth from monthly Facebook users in the last quarter in comparison to an earlier period, thereby giving rise to speculations about the development of the company in the future. Shares dropped 24% in New York on Thursday at 10:25 am.
With the stock of Meta declining, it had left Zuckerberg, who is the chief executive officer of the company, with a net worth of approximately $92 billion less compared to what it was from $120.6 billion when markets closed on Wednesday, as per Bloomberg Billionaires Index. The decline is enough to oust the 37-year old from the list of the world’s Top 10 wealthiest people for the first time since July 2015.
Bloomberg News also reports that a one-day loss of wealth of $31 billion will be the second biggest drop caused ever due to a decline in the price of the shares, which has been rivaled by the aggressive volatile oscillations in the fortune Elon Musk. The wealthiest person in the world lost around $35 billion on a single day in November as the shares of Tesla Inc dropped after a Twitter poll. Musk had asked the voters whether he must sell off 10% of his company stake in this poll. Last week, the wealth of Elon Musk was nosedived by $25.8 billion.
Co-founders of Meta are also facing a drop in their fortunes. Eduardo Saverin, worth $17.5 billion, lost about $4 billion, while Dustin Moskovitz, the 79the richest man in the world who has 21.2 billion, has lost $3 billion.
As per data compiled by Bloomberg, Sheryl Sandberg, who has a personal fortune of $2.5 billion, the chief operating officer of Meta, dropped by $100 million. In comparison to Mark Zuckerberg, a wealth of Sandberg is not concentrated in the shares of the company.
For Meta, the disappointment in the earnings adds fuel to the company’s challenges. The company is in the midst of several fights related to regulations as it tries to shift gears to its new Metaverse. Meanwhile, users of TikTok and YouTube are gaining prominence among the young crowd.
