Mark Zuckerberg, the creator of Meta Platforms Inc, appeared to have had a memorable day on Thursday.
The shares of the computer giant plummeted to a new low of 26%, causing Zuckerberg’s worth to plunge by USD 29 billion. According to Forbes, the Meta CEO’s net worth has dropped to USD 85 billion as a result of the stock market’s decline.
The META CEO is now ranked 10th in the Bloomberg Billionaires Index as a result of this. It’s the first time the company’s stock has dropped more than 20% since 2015. This follows a loss of nearly one million daily active users for the Facebook app on Wednesday.
The event elicited a wide range of reactions from ordinary people, politicians, and celebrities. While some used the chance to criticize Zuckerberg for his role in the 2020 US Presidential Election, others were outright scathing of the 37-year-old shady tax issue.
Mark Zuckerberg has lost $31 billion, or a fourth of his money, yet still owns 1.1 percent of Millennial wealth.
“Mark Zuckerberg just demonstrated why you can’t tax unrealized gains,” wrote Brad Roth on Twitter. Another commenter questioned Zuckerburg’s trustworthiness in a tweet.
Many people were seen criticizing the Harvard dropout CEO for purportedly upsetting global democracies. These were veiled allusions to Facebook’s well-known incapacity to deal with fake news and misinformation campaigns.
Following the $29 billion loss, Zuckerberg is ranked twelfth on Forbes’ list of real-time billionaires, behind Mukesh Ambani and Gautam Adani of India.
To be sure, technology stock trading remains volatile as investors try to weigh in the implications of high inflation and an expected interest rate hike. Meta shares may recover sooner rather than later, with the damage to Zuckerberg’s fortune still on paper.
Bezos, the founder and chairman of e-commerce giant Amazon, owns roughly 9.9% of the company, according to Refinitiv statistics. He is also the world’s third-richest man, according to Forbes.
Last year, before the tech crash of 2021, Zuckerberg sold $4.47 billion worth of Meta shares.
The stock transactions were part of a 10b5-1 trading plan put in place by executives to avoid insider trading suspicions.
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