Facebook co-founder Mark Zuckerberg’s net worth decrease by almost $31 billion following a huge plunge of Meta shares this Thursday.
You may recall Facebook was renamed Meta recently. With Zukerberg owning 13% of Meta shares, his current net worth stands at $84.3 billion and it is the 1st time that he is out of the list of the 10 richest people on earth since 2015
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. Meta’s stock plummeted after the company warned of weaker than expected revenue growth and recent privacy changes from Apple which is expected to cost the company $10 Billion.
Also note worthy is the fact that Meta is in the middle of a number of regulatory fights and also betting on an immersive internet known as the metaverse. While Meta faces its growth challenges, newer platforms such as TikTok and YouTube are gaining ground with younger users.