Meta’s precipitous decline leaves Mark Zuckerberg with a net worth of approximately $92 billion. (FILE)
Mark Zuckerberg’s net worth fell a whopping $31 billion, one of the largest one-day declines 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 Wednesday’s quarterly earnings showed no growth in the number of monthly Facebook users compared to the prior period, raising concerns about the company’s future growth. Shares plunged 24% at 10:25 a.m. in New York on Thursday.
Due to Meta’s sharp drop, Zuckerberg, the company’s CEO, has a net worth of about $92 billion, down $120.6 billion from the market’s close on Wednesday, according to the Bloomberg Billionaires Index. It’s enough to push the 37-year-old off the list of the 10 richest people in the world for the first time since July 2015.
A one-day capital loss of $31 billion would be the second-largest loss ever caused by a fall in the stock price, matched only by the volatile swings in Elon Musk’s fortune. The world’s richest person lost $35 billion in a day in November when the shares of Tesla Inc. fell after 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.
The Meta co-founders are also facing unprecedented declines in their personal fortunes. Dustin Moskovitz, the world’s 79th richest person with a net worth of $21.2 billion on Wednesday, has lost about $3 billion, while Eduardo Saverin, worth $17.5 billion, has lost more than $4 billion.
The $2.5 billion personal fortune of Meta chief operating officer Sheryl Sandberg fell by more than $100 million, according to data collected by Bloomberg. Compared to Zuckerberg, however, Sandberg’s wealth is less concentrated in the company’s stock, softening the blow.
For Meta, the disappointing income adds to the challenges. It is in the midst of some regulatory battles and is also trying to justify its strategic shift to betting on a riveting internet known as the metaverse. Meanwhile, other platforms like TikTok and YouTube are gaining ground with younger users.
