Mark Zuckerberg currently ranks 12th in the list of richest individuals, behind India’s billionaires Gautam Adani and Mukesh Ambani. According to Forbes, Adani has a net worth of $90.1 Billion and Ambani has a net worth of $89.4 Billion.
New Delhi: Thursday witnessed a bloodbath for Meta Platforms Inc. at Wall Street. The stocks of the company saw the biggest ever single-day market value wipeout for a US company, according to a report by Reuters. Meta stock fell over 26 per cent, wiping nearly $200 billion off the company’s market value.
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Mark Zuckerberg, who owns, 12.8 per cent of the company, lost massive wealth. His wealth fell to $85 billion, down $29.8 billion from the day before. He currently ranks 12th in the list of richest individuals, behind India’s billionaires Gautam Adani and Mukesh Ambani. According to Forbes, Adani has a net worth of $90.1 Billion and Ambani has a net worth of $89.4 Billion.
Why Did Meta Shares Fall?
The technology giant recorded disappointing earnings in the fourth quarter. Along with this, the company also saw a massive fall in daily users. Media reports have attributed this to the company’s rising focus on ‘metaverse’. Also, European countries are facing high inflation, rising bond yields.
In the quarterly report, the company said that its virtual reality business is still unprofitable, even though it is generating revenue. The company lost over 1 million daily users, prompting the investors to think that the company has perhaps reached its growth peak.
The company’s metaverse project, according to media reports, is guzzling a lot of profits of the company. The company lost $3.3 billion last quarter after generating revenues of $877 million.
The fall in profits has also been blamed on Apple’s change of privacy rules. This would, according to experts, make the companies like Facebook and Instagram measure their ad effectiveness difficult in apple devices.
How Did Other Tech Giants Perform?
- Nasdaq 100, which comprises of the technology shares fell over 4 per cent due to Meta’s massive fall.
- Apple stocks fell by 1.67 per cent.
- Amazon shares too lost 7 per cent of the share value, but the earnings of the company were robust.
- Jeff Bezos gained $20 Billion in his net worth after the earnings were out.
- Microsoft stocks fell 3.9 per cent on Thursday to $301 per equity share.
- Tesla Stocks also lost 1.6 per cent. They closed at $891.14 per equity share at Nasdaq on Thursday.
- Google’s parent company, Alphabet Inc also saw a fall of 3.32 per cent in its stocks at Nasdaq.
