Meta CEO Mark Zuckerberg saw $29 billion wiped from his net worth when his company’s share price collapsed following its latest quarterly report.
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Shares of Meta dropped more than 25% in after-hours trading after the company announced lower-than-expected revenue figures, as well as a decline in Facebook users for the first time in its 18-year history.
The number of daily active Facebook users fell by 1 million to 1.929 billion, with the company blaming competition from rivals like TikTok and YouTube.
The poor performance saw the company’s stock market value fall by roughly $200 billion, leading to a drop in Zuckerberg’s fortune, which is mostly tied up in Meta stock. Zuckerberg is ranked as the world’s seventh richest person, according to the Bloomberg Billionaire’s Index, with his net worth before the collapse estimated at $121 billion.
