Mark Zuckerberg Lost $29 Billion after Meta Platforms share’s fell by more than 26% on Thurdsday.
The Facebook founders personal net-worth dropped by approximately $29.7 billion on Thursday, according to Forbes’ real-time calculations, while fellow billionaire Jeff Bezos was set to add $20 billion to his personal valuation after Amazon’s blockbuster earnings.
After Meta’s stock fell 26% this lead to the erasing of more than $200 billion in the biggest ever single-day market value wipeout for a U.S. company. That pulled down founder and Chief Executive Officer Zuckerberg’s net worth to $85 billion, according to Forbes.
Zuckerberg owns about 12.8% of the tech behemoth formerly known as Facebook.
Facebook reported 1.929 billion daily users in the fourth quarter, down from 1.93 billion users the previous quarter. Zuckerberg blamed the decline in user activity in part on increased competition from rival platforms such as TikTok.
“People have a lot of choices for how they want to spend their time and apps like TikTok are growing very quickly,” Zuckerberg said during an earnings call on Wednesday afternoon.