Zuckerberg's Wealth Plunges by $31 Billion After Meta Shock [View all]
Source: Bloomberg
(Bloomberg) -- Mark Zuckerberg’s wealth dropped as much as $31 billion, among the biggest one-day drops in wealth ever, after Meta Platforms Inc.’s fourth-quarter results fell short of analysts’ expectations.
Meta is in the midst of a historic stock collapse after its earnings on Wednesday showed no growth in monthly Facebook users last quarter relative to the prior period, raising concerns about the company’s future growth. Shares tumbled 24% at 10:25 a.m. in New York Thursday.
Meta’s steep decline leaves Zuckerberg, the company’s chief executive officer, with a net worth of about $92 billion, down from $120.6 billion as of market close on Wednesday, according to the Bloomberg Billionaires Index. It’s enough to push the 37-year-old outside the list of the Top 10 wealthiest people in the world for the first time since July 2015.
A one-day wealth loss of $31 billion would rank as the second-biggest ever caused by a share-price decline, only rivaled by the volatile swings in Elon Musk’s fortune. The world’s richest person lost $35 billion in a day in November as Tesla Inc. shares fell following a Twitter poll in which Musk asked voters if he should sell 10% of his stake in the company. His net worth also plunged $25.8 billion last week.
Read more: https://www.msn.com/en-us/money/other/zuckerbergs-wealth-plunges-by-dollar31-billion-after-meta-shock/ar-AATpCJB
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