Facebook co-founder and Meta Platforms 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.
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.
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 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 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
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