What Uday Kotak says as Meta loses value worth RIL in a day
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A historic drop in the market capitalisation of Meta (formerly Facebook) has sent shivers down the spine of investors all across the world. Meta’s massive selloff on Thursday wiped out over $250 billion of investors’ wealth as the social media giant reported a gloomy mix of a sharper-than-expected drop in profit, a decrease in users and threats to its ad business.
Facebook founder and CEO Mark Zuckerberg lost $31 billion in net worth as Meta plunged in what was the largest single-day slide in value by a U.S. company.
Asia’s richest banker and CEO of Kotak Mahindra Bank, Uday Kotak, on Friday tweeted that Meta stock rout ‘highlights the fragility and fickleness of our times.’
“Facebook Meta market value dropped ~$240 bn (18 lakh crores) in a day. That is more than the total value of India’s largest company. It highlights the fragility and fickleness of our times. Welcome to the never-normal world!” Kotak said.
India’s largest company Reliance Industries Ltd has a market cap of $210.44 billion. Following the $31 billion wipeout, Zuckerberg is in the twelfth spot on Forbes’ list of real-time billionaires, below Indian business moguls Mukesh Ambani and Gautam Adani.
According to Forbes, Adani is worth $90.1 billion, and Ambani’s fortune stands at $90.0 billion.
Meanwhile, Amazon is giving the market back what Meta Platforms Inc. just took away — or at least some of it.
The e-commerce giant is poised to add nearly $200 billion in market value if the stock’s 14% gain in after-hours trading following the company’s fourth-quarter earnings report holds to Friday’s close. That what would be the biggest single-day gain in stock market history, coming just a day after Facebook parent Meta Platforms Inc. entered the other end of the record book with a $251 billion wipeout.
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