After Meta Platforms Inc.’s fourth-quarter results fell short of analysts’ expectations, Mark Zuckerberg’s wealth dropped as much as $31 billion (roughly Rs. 2,31,600 crore), one of the largest one-day drops in wealth ever.
Meta is in the midst of a historic stock decline after its earnings on Wednesday revealed that there was no growth in monthly Facebook users last quarter compared to the past period, bringing light to concerns about the company’s future growth. At 10:25 a.m today in New York, shares were down 24%.
As per a report by the Bloomberg Billionaires, Zuckerberg, the company’s CEO, now has a total worth of about $92 billion (roughly Rs. 6,87,900 crore), before it was $120.6 billion (roughly Rs. 9,01,600 crore) on Wednesday. It’s an alarming situation for the 37-year-old off the list of the world’s wealthiest people for the first time since July 2015.
Meta’s co-founders’ personal fortunes are also experiencing unprecedented declines. Dustin Moskovitz, the world’s 79th richest person with a net worth of $21.2 billion (approximately Rs. 1,58,500 crore as of Wednesday), has lost about $3 billion, while Eduardo Saverin, worth $17.5 billion (approximately Rs. 1,30,900 crore), has lost more than $4 billion (roughly Rs. 29,900 crores).
Meta’s difficulties are exacerbated by the company’s disappointing earnings. It is embroiled in a number of regulatory battles and is also attempting to justify its strategic shift toward an immersive internet known as the metaverse. Meanwhile, other platforms, such as TikTok and YouTube, are gaining popularity among younger users.