Mukesh Ambani, Gautam Adani Now Richer Than Meta’S Mark Zuckerberg
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.
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.
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)
(Edited by : Kanishka Sarkar)