Following a steep fall in shares of social media behemoth Meta, formerly known as Facebook, on Thursday, its billionaire founder and CEO Mark Zuckerberg lost over $29 billion in net worth.
Meta suffered its biggest one-day crash ever on Thursday as its stock plummeted 26 per cent and its market value plunged by more than $230 billion. Its crash followed a dismal earnings report Wednesday, Zuckerberg laid out how the company was navigating a tricky transition from social networking toward the so-called virtual world of the metaverse.
After this step fall, Zuckerberg’s net worth declined to $84.8 billion, edging below Indian industrialists Gautam Adani and Mukesh Ambani, according to real-time data by Forbes.
Zuckerberg owns about 12.8 per cent of Meta and this one-day crash in his wealth is among the biggest ever and comes after Tesla Inc’s boss Elon Musk’s $35 billion single-day paper loss in November, according to a report by Reuters.
Zuckerberg sold $4.47 billion worth of Meta shares last year, before 2021’s tech rout. The stock sales were carried out as part of a pre-set 10b5-1 trading plan, which executives use to allay concerns about insider trading.
According to Forbes’ data, Gautam Adani and family presently stands at the 10th spot of the word’s richest list with a net worth of $90.8 billion while Mukesh Ambani is ranked at 11th spot with a net worth of $89.2 billion.
The list is headed by Tesla and SpaceX CEO Elon Musk who has a net worth of $232.3 billion, ahead of French billionaire Bernard Arnault and family, who own luxury brand LVMH, whose net worth stands at $190.5 billion, according to Forbes. Amazon’s Jeff Bezos’ is placed in third spot with his net worth currently at $164.8 billion.