Mark Zuckerberg’s net worth went below Indian giants Gautam Adani, Mukesh Ambani’s net worth
World’s tech giant and CEO of Meta, formerly known as Facebook, Mark Zuckerberg, loses $29 billion as Meta saw a steep decrease in social media shares.
About the event
On Thursday, Meta had its most significant one-day drop in history, with its stock falling 26% and its market value collapsing by more than $230 billion. Its downfall came after a disappointing earnings report.
On Wednesday, Zuckerberg outlined how Facebook was navigating a difficult transition from social networking to the metaverse, or virtual world. As per the real-time data of Forbes, after this incident, Zuckerberg’s net worth fell to 84.8 billion putting him at 12th spot, below Indian tech giants Gautam Adani and Mukesh Ambani.
Gautam Adani and his family are currently placed 10th on Forbes’ list of the world’s wealthiest people, with a net worth of $90.8 billion, while Mukesh Ambani is rated 11th, with a net worth of $89.2 billion.
According to Reuters, Zuckerberg owns around 12.8 percent of Meta, and this one-day drop in his worth is among the largest ever. According to Refinitiv data, Bezos, the founder and chairman of the e-commerce store Amazon, owns around 9.9% of the company.
This incident follows Tesla Inc. CEO Elon Musk’s $35 billion single-day paper loss in November, after which he polled Twitter users on whether he should sell 10% of his ownership in Tesla. Tesla’s stock has failed to recover from the ensuing sell-off fully.
Last year, before the tech crash of 2021, Zuckerberg sold $4.47 billion worth of Meta shares. The stock sales were part of a pre-determined 10b5-1 trading plan, which executives employ to alleviate insider trading concerns.
Trading in technology companies is still unstable as investors try to incorporate the effects of high inflation and an upcoming interest rate hike. With the harm to Zuckerberg’s fortune remaining on paper, Meta shares could recover sooner rather than later.
Others on the Forbes List
According to Forbes, Tesla and SpaceX CEO Elon Musk has a net worth of $232.3 billion. This puts him ahead of French billionaire Bernard Arnault and his family, who control luxury brand LVMH, with a net worth of $190.5 billion.
Jeff Bezos, the founder of Amazon, is ranked third with a net worth of $164.8 billion, owing to Amazon’s growth during the pandemic, when people were heavily reliant on online shopping.
Amazon’s holiday-quarter profit soared owing to its investments in Rivian, an electric vehicle company. The company announced it would raise annual Prime subscription prices in the United States, sending its stock up 15% in extended trading and putting it on track for its biggest percentage gain since October 2009 on Friday.
As the decline in Zuckerberg’s net worth comes due to the crash of Meta, let’s take a look at what Meta is. Mark Zuckerberg, the CEO of Facebook, believes it is the internet’s future. And his trillion-dollar firm is defined simply as a virtual environment where people can connect, work, and play.
According to Mark Zuckerberg, the metaverse is the “successor to the mobile internet,” an invention that transformed our lives by allowing us to get online from anywhere and allowed Facebook to exist.
Suppose the metaverse becomes what Zuckerberg wants it to be. In that case, it might also reshape the world, altering our physical existence is gradually being replaced by our digital presence.
Published By – Vanshu Mehra
Edited By – Mahi Gupta