India’s billionaires Mukesh Ambani and Gautam Adani’s net worth is now more than that of Facebook founder and CEO Mark Zuckerberg as the latter lost $29 billion with Meta Platforms Inc’s stock marking a record one-day plunge on Thursday.
Following a disappointing earnings forecast that shook the global tech landscape, Meta’s stock fell 26 percent
, erasing more than $200 billion in the biggest ever single-day market value wipeout for a US company.
The stock touched its lowest level since July 2020 after the social media giant issued a dismal forecast in which it blamed increased competition and Apple’s privacy changes.
This pulled down Zuckerberg’s net worth to $85 billion, according to Forbes. Zuckerberg owns about 12.8 percent of the tech behemoth formerly known as Facebook
Following the $29 billion wipeout
, Zuckerberg is in the twelfth spot on Forbes’ list of real-time billionaires, below Indian business tycoons Mukesh Ambani and Gautam Adani.
The net worth of Reliance chairman and managing director Mukesh Ambani
stood at $89.6 billion whereas Adani group chairperson Gautam Adani
and his family have a fortune of $90.4 billion, according to Forbes.
one-day wealth decline is among the biggest ever and comes after Tesla Inc top boss Elon Musk’s $35 billion single-day paper loss in November. Musk, the world’s richest person, had then polled Twitter users if he should sell 10 percent of his stake in the electric carmaker. Tesla shares have yet to recover from the resulting selloff.
Tech stocks around global markets have remained volatile owing to uncertainty about the impact of high inflation and an expected rise in interest rates by the Fed.
Also, Facebook has lost daily users for the first time since its inception in 2004. It witnessed a drop of about 5 lakh users on a daily basis in the last quarter of 2021. The company’s growth has stagnated around the globe for the first time, according to the latest quarterly earnings report.
(With text inputs from Reuters)