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Mark Zuckerberg Loses $11 Billion in One Day, Moves to 29th Richest Person in The World

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The Billionaire Owner of Facebook, Mark Zuckerberg has had his net worth cut by more than half since this year.

 

 

The loss is due to the fall in the share price of Meta, his company which traded at $97.94 per cent on Thursday, October 2022. 

 

 

The shares of his company, Meta, plunged a day after it reported shambolic dismal quarterly profits.

 

 

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Forbes reported that Meta’s stock price plummeted 25 per cent to $97.94 on Thursday, October 27, 2022, the lowest since December 2026.

Zuckerberg doubled down on the Metaverse Wednesday during an earnings call after the US stock market closed.

According to Zuckerberg, the Metaverse is going to be a significant thing, and it would be a mistake for the company to focus on those areas, which he says would be crucial in the future.

The fall in stock has knocked Zuckerberg from the 25th richest person in the world as of Wednesday, October 26, 2022 to the 29 richest as of Thursday 27th October, 2022.

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Zuckerberg has had a great year. His company’s stock flew during the pandemic and peaked on September 7, 2021, which shot his fortune to $136.4 billion.

Meta Stock has since lost 74 per cent, and Zuckerberg lost $100 billion, almost three-fourths of his fortune.

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The company also faces a wider pushback amid concerns about the upcoming recession, including advertising troubles.

The company suffers from privacy changes made by Apple last year, which makes it difficult for tech firms to track users across apps, cutting into its ad revenue. 

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Written by Ruth Semilore

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