Sat 05 February 2022:
On Thursday, Mark Zuckerberg’s net worth plummeted by $29 billion as Meta Platforms Inc’s stock hit a new all-time low, while fellow billionaire Jeff Bezos was expected to increase his personal worth by $20 billion following Amazon’s record earnings.
Meta’s stock dropped 26%, wiping out more nearly $200 billion in the largest single-day market value wipeout in US history. According to Forbes, this lowered Facebook’s founder and CEO Mark Zuckerberg’s net worth to $85 billion.
About 12.8 percent of the tech giant formerly known as Facebook is owned by Zuckerberg.
Zuckerberg’s one-day wealth loss is one of the largest ever, and it follows Elon Musk, the CEO of Tesla Inc, who lost $35 billion in a single day in November. Musk, the world’s richest man, has then polled Twitter users on whether he should sell 10% of his ownership in Tesla. Tesla’s stock has failed to fully recover from the ensuing sell-off.
Following the $29 billion loss, Zuckerberg is ranked twelfth on Forbes’ list of real-time billionaires, behind Mukesh Ambani and Gautam Adani of India.
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 use to avoid insider trading concerns.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
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