Mark Zuckerberg lost as much as $31 billion on Thursday as Meta Platforms Inc’s stock plunged 26 percent, erasing nearly $251 billion in market value.

According to the reports, the biggest ever single-day market value wipeout has pulled down founder and Chief Executive Officer Zuckerberg’s net worth to $85 billion. Zuckerberg owns roughly 12.8% of Meta Inc’s stock, which was formerly known as Facebook.

As per reports, the overall stock value of Meta crashed by over 200 billion USD, roughly equivalent to the size of New Zealand’s economy. In the fourth quarter, Meta has reported a turnover of 33.67 billion$ but has made $10.3 billion in net profit, which is about 8% less than last year.

Folks on the Internet, well in tune with every single development, had a sadistic laugh at the expense of Mark Zuckerberg.

Following the wipeout, Zuckerberg has now been pushed into the twelfth spot on Forbes’ list of real-time billionaires, below Mukesh Ambani and Gautam Adani. Gautam Adani is the wealthiest Indian, whose net worth is around $90 billion. He is currently tenth on the list, closely followed by Mukesh Ambani, the eleventh richest globally, currently with $89 billion.

Amidst the large-scale devaluation of Meta’s market value, Amazon founder and fellow billionaire Jeff Bezos has added nearly $20 billion to his valuation after Amazon’s increased earnings. Bezos owns about 9.9% of the company and is currently the world’s third-richest man with $164 billion. Tesla Inc's top boss Elon Musk tops the list with $232 billion.

Meanwhile, Meta’s rebrand comes at a time of increasing scrutiny from lawmakers and regulators over allegations of anticompetitive conduct and over the impacts of how it handles harmful or misleading content across its Facebook and Instagram platforms.

References:

opindia.com