Mark Zuckerberg lost up to $31 billion on Thursday as Meta Platforms Incâ€™s stock plunged 26 per cent, wiping out nearly $251 billion in market value.
According to reports, the largest single-day market value wipeout in history has pulled down founder and CEO Zuckerberg’s net worth to $85 billion. Zuckerberg owns roughly 12.8% of Meta Incâ€™s stock, which was formerly known as Facebook.
As per reports, Meta’s overall stock value dropped by more than $200 billion USD, roughly the size of New Zealand’s economy. In the fourth quarter, Meta reported a revenue of 33.67 billion dollars but a net profit of $10.3 billion, which is about 8% less than the previous year.
Following the wipeout Zuckerberg has fallen to twelfth place on Forbes’ list of real-time billionaires, behind Mukesh Ambani and Gautam Adani.
Gautam Adani is the richest Indian, with an estimated net worth of $90 billion. He is currently ranked tenth on the list, with Mukesh Ambani, the eleventh richest person on the planet, currently worth $89 billion.
Despite the massive devaluation of Meta’s stock, Amazon founder and fellow billionaire Jeff Bezos has increased his valuation by nearly $20 billion as a result of Amazon’s increased earnings.
With a net worth of $164 billion, Bezos owns 9.9% of the company and is the world’s third richest man. Elon Musk, the CEO of Tesla Inc, is at the top of the list, with a net worth of $232 billion.