Meta, the parent company of Facebook, published quarterly results below expectations, so that the fortune of the founder Mark Zuckerberg was reduced by 31 billion dollars on Thursday, one of the biggest decreases ever recorded in a single day.
Facebook has reported a decline in the number of users for the first time in the platform’s 18-year history, according to the BBC .
On Thursday around 10:25 am, on the New York Stock Exchange, Meta shares were down 24% compared to Wednesday night. That brings the wealth of Zuckerberg, CEO of Meta, down to about $ 92 billion, from $ 120.6 billion at the close of Wednesday’s meeting. Analysts at the Bloomberg Billionaires Index say that this drop is enough to exclude Zuckerberg from the list of the 10 richest people on the planet, for the first time since July 2015, reports Agerpres, which quotes Bloomberg.
A $ 31 billion one-day wealth reduction is just ahead of the volatile evolution of Elon Musk’s wealth. The richest man on the planet lost $ 35 billion in a single day in November last year after shares of Tesla Inc. collapsed after a Twitter post of Musk in which he polled his followers whether to sell 10% of his shares to Tesla.
Other major shareholders of Meta also suffered an unprecedented decline in their wealth on Thursday. Dustin Moskovitz, the 79th richest man in the world, with a fortune of $ 21.2 billion on Wednesday night, lost three billion dollars, while Eduardo Saverin’s fortune fell by four billion dollars. $ 17.5 billion recorded Wednesday night.
Meta shares plunged to a historic low after quarterly results released on Wednesday showed that the number of Facebook users did not increase compared to the previous quarter, raising questions about the company’s future growth. For Meta, the disappointing results for the fourth quarter of last year add to the challenges. The company is under investigation by several regulators and is also in the midst of a strategic transition to metaverse. At the same time, other platforms like TikTok and YouTube are gaining ground among young users.