Meta is amid a historic stock decline after its earnings on Wednesday revealed no growth in monthly Facebook users last quarter compared to the previous period, raising concerns about the company's future growth.
After Meta Platforms Inc.'s fourth-quarter results fell short of analysts' expectations, Mark Zuckerberg's wealth dropped as much as $31 billion, one of the largest one-day drops in wealth ever. Meta is amid a historic stock decline after its earnings on Wednesday revealed no growth in monthly Facebook users last quarter compared to the previous period, raising concerns about the company's future growth.
At 10:25 a.m. Thursday in New York, shares were down 24%. According to the Bloomberg Billionaires Index, Zuckerberg, the company's CEO, now has a net worth of about $92 billion, down from $120.6 billion as the market closed on Wednesday.
It's enough to knock the 37-year-old off the list of the world's top ten wealthiest people for the first time since July 2015. A one-day wealth loss of $31 billion would be the second-largest ever caused by a share-price decline, only surpassed by the volatile swings in Elon Musk's fortune. The world's richest person lost $35 billion in a single 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. Last week, his net worth dropped by $25.8 billion.
Meta, formerly Facebook, announced late Wednesday that rivals like TikTok were eating into its revenue and that user numbers on the social media site had fallen for the first time in history. According to Oxfam, the world's top ten wealthiest men more than doubled their fortunes during the first two years of the coronavirus pandemic as asset prices skyrocketed According to the charity, the top ten wealthiest people on the planet have six times the wealth of the world's poorest 3.1 billion people.
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