Mark Zuckerberg lost $29 billion in net worth on Thursday as Meta Platforms Inc stock posted a record one-day drop, while fellow billionaire Jeff Bezos prepared to add $20 billion to his personal valuation following Amazon’s blockbuster earnings Were.
Meta’s stock fell 26%, wiping away more than $200 billion in the biggest single-day market cap wipeout ever for a US company. This brings founder and CEO Zuckerberg’s net worth to $85 billion, according to Forbes.
Zuckerberg owns about 12.8% of the tech behemoth formerly known as Facebook.
According to Refinitiv data, Bezos, the founder and chairman of e-commerce retailer Amazon, owns about 9.9% of the company. He is also the third richest person in the world according to Forbes.
Amazon’s holiday-quarter profit grew thanks to its investment in electric vehicle company Rivian; And the company said it would increase the annual prices of Prime subscriptions in the United States, sending its shares up 15% in extended trading and staking it for its biggest percentage gain since October 2009, on Friday.
According to Forbes, Bezos’ net worth rose 57% to $177 billion in 2021 from a year earlier, largely due to Amazon’s boom during the pandemic, when people relied heavily on online shopping.
The drop in Zuckerberg’s one-day wealth is the biggest ever and comes after Tesla Inc top boss Elon Musk posted a $35 billion single-day paper loss in November. Musk, the world’s richest man, then polled Twitter users on whether he should sell his 10% stake in the electric carmaker. Tesla shares have yet to recover from the resulting sell-off.
After a $29 billion wipeout, Zuckerberg ranks twelfth on the Forbes real-time billionaires list behind Indian business moguls Mukesh Ambani and Gautam Adani. According to the Forbes Realtime Billionaires List, Adani is worth $90.1 billion and Ambani’s net worth is $90.0 billion.
To be sure, trading in technology stocks remains volatile as investors struggle to price under the influence of high inflation and an expected rise in interest rates. The impact on Zuckerberg’s wealth staying on paper could lead to meta shares recovering too soon.
Zuckerberg sold $4.47 billion worth of Meta shares last year, ahead of the 2021 tech route. The stock sale was made as part of a pre-determined 10b5-1 trading plan that executives use to address concerns about insider trading.
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