On Thursday, Mark Zuckerberg lost up to $31 billion when Meta Platforms Inc’s shares fell 26%, wiping down roughly $251 billion in market value.
According to sources, the largest single-day market value wipeout in history has reduced founder and CEO Zuckerberg’s net worth to $85 billion. Zuckerberg controls around 12.8 percent of Meta Inc, formerly known as Facebook.
Mark Zuckerberg, the creator of Meta Platforms Inc, seems to have had a memorable day on Thursday. The shares of the computer giant plummeted to a historic low of 26%, resulting in a loss of USD 24 billion in Zuckerberg’s personal worth. According to Forbes, the Meta CEO’s net worth has dropped to USD 85 billion due to the stock market’s decline.
In the middle of Meta’s market value depreciation, Amazon founder and fellow billionaire Jeff Bezos has added roughly $20 billion to his worth due to Amazon’s rising profitability. Bezos owns 9.9 percent of the corporation and is the world’s third-richest individual, worth $164 billion. Elon Musk, CEO of Tesla Inc, leads the list with $232 billion.
Elon Musk is the only other billionaire who has seen such a sharp reduction in his fortune. Musk lost USD 35 billion in November 2021 when Tesla Inc. shares plummeted. In January, he also lost USD 25.8 billion.
The development elicited a wide range of reactions from ordinary people, politicians, and celebrities. While some used the occasion to criticize Zuckerberg for his engagement in the 2020 US Presidential Election, others were openly critical of the 37-year-old dubious relationship with taxation.
After Mark Zuckerberg’s net worth is reduced by around $30 billion, Twitter bursts with memes.