Mark Zuckerberg Loses $11 Billion in One Day, Moves to 29th Richest Person in The World
- Mark Zuckerberg lost $11 billion in one day after his company's share price fell
- The billionaire owner of Facebook has had his net worth cut by more than half since this year
- The loss is due to the fall in the share price of Meta, his company which traded at $97.94 per cent on Thursday, October 2022.
The shares of his company, Meta, plunged a day after it reported shambolic dismal quarterly profits.
Forbes reported that Meta's stock price plummeted 25 per cent to $97.94 on Thursday, October 27, 2022, the lowest since December 2026.
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Metaverse costs Zuckerberg $9.4 billion
In the company's third-quarter earnings posted late Wednesday, October 26, 2022, the company reported a 50 per cent decline in profits and revenue, declining by 4 per cent below expectations.
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The company's Metaverse, its AI division, has lost about $9.4 billion this year trying to create the Metaverse.
Zuckerberg doubled down on the Metaverse Wednesday during an earnings call after the US stock market closed.
According to Zuckerberg, the Metaverse is going to be a significant thing, and it would be a mistake for the company to focus on those areas, which he says would be crucial in the future.
The fall in stock has knocked Zuckerberg from the 25th richest person in the world as of Wednesday, October 26, to the 29 richest as of Thursday.
Zuckerberg has had a great year. His company's stock flew during the pandemic and peaked on September 7, 2021, which shot his fortune to $136.4 billion.
Meta Stock has since lost 74 per cent, and Zuckerberg lost $100 billion, almost three-fourths of his fortune.
TikTok, Apple dealing with Facebook
Apart from the losses in its AI unit, the company faces massive competition from Tiktok for ad revenue which is the source of its revenue.
The company also faces a wider pushback amid concerns about the upcoming recession, including advertising troubles.
The company suffers from privacy changes made by Apple last year, which makes it difficult for tech firms to track users across apps, cutting into its ad revenue.
Mark Zuckerberg loses $71 billion in 2022, falls to 20th richest person in The world
Recall that Legit.ng reported that The founder of Facebook, now Meta, Mark Zuckerberg, has seen his fortune drop by a massive $71 billion since the beginning of 2022.
Tech billionaires have lost vast fortunes, but Zuckerberg’s losses are more poignant among them.
His wealth dropped by more than 50 per cent from its height of $152 billion in September 2022.
Source: Legit.ng
