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Facebook co-founder and Meta Platforms (NASDAQ:FB) CEO Mark Zuckerberg had a rough day Thursday as shares fell hard after the company’s quarterly report.
What Happened: A drop in the price of Meta Platforms shares dropped the net worth of Mark Zuckerberg by around $30 billion, according to Bloomberg.
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Shares of Meta Platforms lost over $230 billion in value, which was the biggest one-day loss in U.S. history for a stock.
With Thursday’s drop in Zuckerberg’s net worth, he falls out of the top 10 of the Bloomberg Billionaires Index — a top 10 he has been a member of since July 2015.
Related Link: Meta Platforms (Facebook) Q4 Earnings Takeaways: Big EPS Miss, Revenue Beat, New Ticker
Why It’s Important: Zuckerberg has been a staple of the most wealthy people in the world. Prior to the earnings report, Zuckerberg had a net worth of $121 billion, ranking seventh on the list.
With the large drop in Meta’s share price, Zuckerberg now ranks 11th on the list with a net worth of $92 billion.
Many of the billionaires have seen their net worth fall in 2022, including Zuckerberg who was down $4.9 billion for the year prior to Wednesday. Through Jan. 30, the top 10 billionaires on the list had lost around $150 billion in combined net worth.
In November 2021, Tesla Inc (NASDAQ:TSLA) CEO Elon Musk saw his net worth fall more than $50 billion over a two-day period. A $35 billion one-day drop in net worth by Musk in November was the second biggest one-day drop.
The largest one-day fall in net worth by a member of the index is Amazon.com Inc (NASDAQ:AMZN) founder Jeff Bezos, who saw his net worth fall $36 billion in one day after his divorce from MacKenzie Scott in 2019.
FB Price Action: Meta shares closed down 26.4% to $237.76 on Thursday. Shares hit a new 52-week low of $235.45 and have traded as high as $384.33 over the last year.
Photo: Anthony Quintano, Flickr
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.