After $30 Billion Stock Selloff, Mark Zuckerberg Drops Out Of Top 10 Richest People In The World.
On Thursday, Feb. 3, Facebook shares of Mark Zuckerberg experienced a historic selloff in trade, knocking him out of the Top 10 richest people in the world.
According to Forbes’ real-time calculations, the Facebook founder’s personal net worth decreased by $29.7 billion on Thursday.
Zuckerberg’s on-paper worth was projected to be $84.8 billion by the end of trade.
Zuckerberg is currently ranked No. 12 on Forbes’ ranking of the world’s wealthiest people.
According to Dow Jones, which cites its market data, Meta shares plunged more than 26% on Thursday, closing at $237.76 per share, wiping out almost $232 billion in value, the greatest one-day decline in market value of any stock in US history.
The social media behemoth announced the first quarterly loss in its user count in company history late Wednesday, February 2.
In the fourth quarter, Facebook had 1.929 billion daily users, down from 1.93 billion the previous quarter.
Increased competition from competitor platforms like TikTok, according to Zuckerberg, is part of the reason for the fall in user activity.
“People have a lot of choices for how they want to spend their time and apps like TikTok are growing very quickly,” Zuckerberg remarked during an earnings call on Wednesday afternoon.