Mark Zuckerberg, the co-founder of Facebook, witnessed a nearly $30 billion decline in his net worth as a result of the record-breaking fall in Meta stock.
With an estimated net worth of $84.3 billion, the 37-year-old is no longer among the top 10 richest persons on the planet for the first time since the summer of 2015. Nearly 13% of Meta, which recently changed its name from Facebook, is owned by Zuckerberg.
Only Elon Musk, the richest man in the world, lost more money in a single day than Zuckerberg did in November after he tweeted about selling 10% of his Tesla stock, losing $35 billion. Zuckerberg’s $29.8 billion loss is the second-largest single-day loss in history. According to Bloomberg, Musk also saw his net worth drop by $25.8 billion last week.
According to CNBC, Meta’s stock fell after the business warned that the next quarter’s revenue growth would be less than anticipated and that recent privacy rules from Apple will cost the company $10 billion.
The 26% decline was the greatest one-day collapse in Meta’s history and erased more than $200 billion from its market worth, which was also a record.
After Facebook’s 2008 IPO, Zuckerberg first hit the billionaire mark at the age of 23. The value of the social network’s founders increased along with the network’s growth, which included the acquisition of Instagram and WhatsApp.
In terms of how Zuckerberg spends his money, he intends to donate a sizable portion of it. In 2015, Zuckerberg and his wife Priscilla Chan joined the Giving Pledge, a group of wealthy individuals who have committed to donating at least half of their wealth to charitable causes over the course of their lifetimes.
The Giving Pledge was formed by Bill Gates and Warren Buffett. The pair announced that they would give 99.9% of their stock.