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 percent at 10:25am in New York Thursday.
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.
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 shares fell following a Twitter poll in which Musk asked
voters if he should sell 10 percent 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. © Bloomberg LP
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