|Metaverse founder Mark Zuckerberg|
Following the record-breaking plunge in Meta shares on Thursday, Mark Zuckerberg’s net worth decreased by $33 billion.
Based on the Bloomberg index, the 37-year-old has a net worth of $89.6 billion, which no longer makes him one of the 10 richest people on earth for the first time since the summer of 2015. The company rebranded from Facebook to Meta, of which Zuckerberg owns 13%.
Zuckerberg’s $31 billion loss ranks as the second-largest single-day loss in history, only surpassed by Elon Musk’s $35 billion loss in November after he tweeted about selling 10% of his Tesla stake.
The stock of Meta Technologies plummeted after the company warned that revenue growth in the next quarter would be weaker than expected and that recent privacy changes from Apple would cost the company $10 billion.
Facebook’s parent company’s stock price has plunged more than $230 billion in value in a single day, the biggest one-day loss in US history. In its earnings report on Wednesday, Meta reported its first-ever decline in daily user numbers, raising concerns about the future of the company.
A strategic pivot by Facebook has led to its rebranding as Meta, a virtual-reality company. Facebook expects privacy changes at Apple, which Facebook says will cost them billions, to have a major effect on the company’s advertising model.
Investors became accustomed to spectacular growth from a company that was expected to deliver it. Due to a sharp increase in costs, Meta also reported a decline in profit. Investing in the “metaverse” incurs expenses.
Despite Zuckerberg’s efforts to lure the world into the metaverse, disappointing fourth-quarter results soon burst his inflated expectations.