Mark Zuckerberg's Net Worth Dropped The Most This Year, Thanks To Meta's Slump; Elon Musk And These 2 Billionaires Also Suffered Losses

Zinger Key Points
  • Meta's market-cap fell sharply from over $1 trillion in September 2021 to about $350 million.
  • Fundamental woes continue to weigh down on Meta and investors aren't impressed with its metaverse focus.

Meta Platforms Inc.’s META bad year just got worse as the company disappointed investors with an earnings miss and hinted at increased investments even as the macroeconomic conditions remain hostile.

What Happened: Meta stock is on track to open Thursday’s session with a loss of over 20% and this would take the shares to their lowest levels since February 2016. The company blamed the earnings woes on macroeconomic conditions, TikTok competition and Apple Inc.’s AAPL privacy policy changes.

At the stock’s intraday peak of $384.33 reached on Sept. 1, 2021, Meta had a market cap of $1.03 trillion. Since then, the stock has fallen steeply and it now commands a valuation of around $350 million.


Source: Y Charts

See Also: Zuckerberg Says Facebook Parent Doing 'Leading Work' In Metaverse: 'On Right Track With These Investments'

The predicament has impacted none other than the company’s co-founder and CEO Mark Zuckerberg. The Meta CEO’s net worth has dropped to $48.9 billion, down $76.6 billion for the year-to-date, according to Bloomberg’s Billionaires’ index. He is now ranked 23rd on the list of billionaires.

In fact, Zuckerberg tops the list of billionaires in terms of net worth shed this year.

Other Billionaires Deep In The Red: Cryptocurrency exchange Binance founder and CEO Changpeng “CZ” Zhao has lost about $61.7 billion of his fortunes thus far this year.

Tesla Inc. TSLA CEO Elon Musk has also seen his net work shrink appreciably. Musk’s net worth fell $58.9 billion and currently stands at $211 billion.

Amazon Inc. AMZN founder Jeff Bezos ranked fourth in terms of the losses incurred this year, as his net worth fell by $53.7 billion to $139 billion.

India’s Gautam Adani, meanwhile, grew his net worth by $45.8 billion to $122 billion. The businessman from the northeastern Indian state of Gujarat is now ranked the fourth richest person in the world behind Musk, French luxury goods company LVMH Moët Hennessy – Louis Vuitton SE LVMUY co-founder and CEO Bernard Arnault and Bezos.

Price Action: Meta shares were sliding 19.57% to $104.41, according to Benzinga Pro data.

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Posted In: NewsTechMediaBernard ArnaultChangpeng ZhaoElon MuskJeff BezosMark Zuckerberg
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