You are using an older browser version. Please use a supported version for the best MSN experience.

Mark Zuckerberg’s Wealth Plunges by $31 Billion After Meta Shock

Bloomberg logoBloomberg 2/3/2022 Scott Carpenter

(Bloomberg) -- Mark Zuckerberg’s wealth dropped as much as $31 billion, among the biggest one-day drops in wealth ever, after Meta Platforms Inc.’s fourth-quarter results fell short of analysts’ expectations.

Most Read from Bloomberg

Meta is in the midst of a historic stock collapse after its earnings on Wednesday showed no growth in monthly Facebook users last quarter relative to the prior period, raising concerns about the company’s future growth. Shares tumbled 24% at 10:25 a.m. in New York Thursday.

Facebook Holds Virtual Connect Event © Bloomberg Facebook Holds Virtual Connect Event

Meta’s steep decline leaves Zuckerberg, the company’s chief executive officer, with a net worth of about $92 billion, down from $120.6 billion as of market close on Wednesday, according to the Bloomberg Billionaires Index. It’s enough to push the 37-year-old outside the list of the Top 10 wealthiest people in the world for the first time since July 2015.

Read more: JPMorgan’s Meta Analyst Cuts Rating for First Time Since IPO


Video: There are a lot of good names on sale, says Strategic Wealth Partners' Mark Tepper (CNBC)

UP NEXT
UP NEXT

A one-day wealth loss of $31 billion would rank as the second-biggest ever caused by a share-price decline, only rivaled by the volatile swings in Elon Musk’s fortune. The world’s richest person lost $35 billion in a day in November as Tesla Inc. shares fell following a Twitter poll in which Musk asked voters if he should sell 10% of his stake in the company. His net worth also plunged $25.8 billion last week.

Meta’s co-founders are also facing unprecedented declines in their personal fortunes. Dustin Moskovitz, the world’s 79th-richest person with a net worth of $21.2 billion as of Wednesday, has lost about $3 billion, while Eduardo Saverin, worth $17.5 billion, is down more than $4 billion. 

The $2.5 billion personal fortune of Sheryl Sandberg, Meta’s chief operating officer, fell by more than $100 million, according to data compiled by Bloomberg. Compared with Zuckerberg, however, Sandberg’s wealth is less concentrated in the company’s shares, softening the blow.

For Meta, the disappointing earnings add to its challenges. It’s in the middle of a number of regulatory fights and also looking to justify its strategic shift to bet on an immersive internet known as the metaverse. Meanwhile, other platforms like TikTok and YouTube are gaining ground with younger users.

(Updates wealth decline and share price starting in first paragraph.)

Most Read from Bloomberg Businessweek

©2022 Bloomberg L.P.

AdChoices
AdChoices
image beaconimage beaconimage beacon