Mark Zuckerberg could see $US24 billion ($33.6 billion) erased from his personal fortune on Thursday, among the biggest one-day drops in wealth ever, after Meta Platforms’s fourth-quarter earnings missed estimates.
Meta, which owns Facebook, Instagram and WhatsApp, reported no growth in monthly Facebook users in the fourth quarter relative to the prior period, raising questions about the company’s future growth.
Meta’s share price was down more than 20 per cent in after-hours trading on Wall Street after the earnings update.
Mark Zuckerberg’s big bet on the metaverse is starting to bite.
Should that move hold, it would leave Zuckerberg, Meta’s chief executive officer, with a net worth of about $US97 billion, down from $US120.6 billion as of market close on Wednesday, according to the Bloomberg Billionaires Index. It would push him outside the list of the Top 10 wealthiest people in the world for the first time since July 2015.