Mark Zuckerberg.Photo: AMY OSBORNE/Getty
Mark Zuckerberglost more than $31 billion this week after his company, Meta Platforms Inc., suffered what is reportedly the “biggest one-day decline for a stock in U.S. history.”
According to theWall Street Journal, Meta — formerly known as Facebook Inc. — lost about $232 billion for its market value on Thursday after the company announced it had lost about a million daily users around the globe and experienced a decrease in profits.
The news comes just a few months after Zuckerberg, 37, announced his company would rebrand as Meta and begin placing added focus on its virtual reality offerings. The company’s vision includes the building of virtual worlds known as the metaverse, which is still in its infancy.
“This fully realized vision is still a ways off,” Zuckerberg told analysts on Thursday,CNNreported. “And although the direction is clear, our path ahead is not yet perfectly defined.”
Zuckerberg also said the company is hoping to generate more revenue from its TikTok rival, Reels, which is currently its fastest-growing product.
“I’m confident that leaning harder into these trends is the right short-term trade-off,” he said, according toWSJ.
The CEO owns more than 398 million shares of Meta, which is 14.2 percent of the company, according to CNN. Meta is the parent company of the social networks Facebook and Instagram and the popular messaging platform WhatsApp.
On Friday, Zuckerberg was No. 10 on theBloomberg Billionaire’s Index, with a net worth of $89.6 billion.
If Meta’s share price continues to fall, Indian billionaires Mukesh Ambani (No. 11 with $89.2 billion) or Gautam Adani (No. 12 with $87.4 billion) could rise into the top 10.
Tesla CEO and SpaceX founderElon Muskis currently the wealthiest person in the world with a net worth of $231 billion, according to Bloomberg.
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source: people.com
