Mark Zuckerberg could see $24 billion erased from his personal fortune, among the biggest one-day drops in wealth ever, after Meta Platforms Inc.’s fourth-quarter earnings missed estimates.
Meta reported no growth in monthly Facebook users in the fourth quarter relative to the prior period, raising questions about the company’s future growth. Meta’s share price was down about 20% in after-hours trading on Wednesday.
Should that move hold, it would leave Zuckerberg, Meta’s chief executive officer, with a net worth of about $97 billion, down from $120.6 billion as of market close on Wednesday, according to the Bloomberg Billionaires Index. It would push him outside the list of the Top 10 wealthiest people in the world for the first time since July 2015.
A one-day wealth decline of $24 billion would rank among the biggest ever, 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.
For Meta, the disappointing earnings add to its challenges. It’s in the middle of a number of regulatory fights and also looking to justify its strategic shift to bet on an immersive internet known as the metaverse. Meanwhile, other platforms like TikTok and YouTube are gaining ground with younger users.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
Never miss a story! Stay connected and informed with Mint.
Download
our App Now!!
