Mark Zuckerberg’s wealth decreased by 31 billion dollars in one day, this is the reason

Mark Zuckerberg’s wealth has declined by $ 31 billion (about Rs 2,31,600 crore) after Meta Platforms Inc.’s fourth quarter results fell short of expectations. This is the biggest one-day decline in Zuckerberg’s wealth so far. Meta’s stock witnessed a historic fall on Wednesday. There is increasing concern about the company’s future growth due to no increase in monthly Facebook users compared to the previous quarter. Meta shares fell 24 percent on Thursday morning.

According to the Bloomberg Billionaires Index, due to the huge fall, the wealth of Meta Chief Executive Officer Mark Zuckerberg has come down to $ 92 billion (approximately Rs 6,87,900 crore), which was Rs 120.6 billion (approximately Rs 9,01,600 crore) at the time of market closing on Wednesday. crore rupees). This decline in wealth is enough to push 37-year-old Zuckerberg out of the list of the world’s top-10 richest people for the first time since July 2015.

The loss of property worth $31 billion (about Rs 2,31,600 crore) in a single day due to the fall in shares is the second biggest loss ever. In November, an even bigger loss was suffered by Elon Musk, one of the richest people in the world. He lost assets worth $35 billion (about Rs 2,61,700 crore) in one day. All this happened after a Twitter poll in which Musk had asked people whether they should sell their 10 percent stake in the company.

Meta’s co-founders are also facing an unprecedented decline in their personal wealth. Dustin Moskowitz, the world’s 79th richest person, has lost nearly $3 billion with a net worth of $21.2 billion (roughly Rs. 1,58,500 crore) as of Wednesday. Eduardo Saverin has suffered a loss of 4 billion dollars (about Rs 29,900 crore). His wealth is 17.5 billion dollars.

According to data compiled by Bloomberg, Meta’s Chief Operating Officer Sheryl Sandberg’s personal wealth of $2.5 billion (approximately Rs 18,700 crore) has declined by more than $100 million (approximately Rs 750 crore). However, compared to Zuckerberg, Sandberg’s wealth is less focused on company shares.

This decline in Meta’s earnings further increases its challenges. The company is fighting several regulatory battles. The company is also trying to justify changing its name to Meta. Meanwhile, platforms like TikTok and YouTube are trying to gain ground among young users.