The recent plunge of Facebook leads to a significant decline in Zuckerberg’s wealth.
Meta, the parent company of Facebook, experienced its largest-ever stock decline, both pre and post its rebranding as Meta. This drop was fueled by disappointing Q4 earnings and a plateauing user base, resulting in a massive 26% decrease in Meta’s stocks, wiping out about $240 billion in market value.
The most affected by this drastic setback is Mark Zuckerberg, the CEO of Meta. Recent SEC filings reveal that Zuckerberg holds 398 million shares in Meta, equivalent to a 14.2% ownership. Following the stock plummet, Zuckerberg’s personal net worth has taken a hit of around $31 billion, dropping it to $89.6 billion. This financial setback has pushed Zuckerberg to the bottom of the list of the world’s richest individuals, securing the 10th spot with a slim lead of $400 million over Mukesh Ambani, the 11th wealthiest person, an Indian energy tycoon.
The sharp decrease in Meta’s stock value has slashed $31 billion off Mark Zuckerberg’s fortune, causing him to slide down three positions on Bloomberg’s global billionaire rankings https://t.co/uvxtRxA1Dw
— CNN (@CNN) February 4, 2022
Experts attribute the disappointing profits and stagnant user growth to Meta’s heavy investment in research and development for the Metaverse. The Metaverse, an immersive digital realm bridging augmented and virtual reality, remains a distant and currently unprofitable concept despite Meta’s significant commitment of time, funds, and resources.
