Meta CEO, Mark Zuckerberg, suffered a staggering $33 billion loss on Thursday, following a historic plunge in Meta’s stock price. The loss marks the second-largest single-day wealth drop in history—only surpassed by Elon Musk’s $35 billion decline in November.
According to Bloomberg’s Billionaires Index, the 37-year-old billionaire is now worth $89.6 billion, dropping him out of the top 10 richest people globally for the first time since mid-2015. Zuckerberg owns 13% of Meta, formerly known as Facebook.
Meta’s Stock Suffers Largest One-Day Loss in US History
Shares of Meta plummeted after the company issued a warning of weaker-than-expected revenue growth in the upcoming quarter and estimated a $10 billion hit due to Apple’s recent privacy policy changes.
As a result, Meta’s market value fell by over $230 billion in a single day—the largest one-day value drop in US history. The company also reported its first-ever decline in daily active users, raising red flags about its user engagement and future growth prospects.
The Cost of Chasing the Metaverse
Meta’s rebranding reflects its pivot towards the metaverse, a virtual-reality-driven future. However, the transition appears costly. The company’s earnings report revealed that Meta is grappling with soaring expenses, impacting its profits significantly.
Despite Zuckerberg’s ambitious push into the metaverse, investors are now questioning the strategy. Meta’s once-reliable profit engine—its advertising model—is under pressure due to Apple’s data privacy restrictions and increased competition.
Meta’s disappointing fourth-quarter results and the historic stock crash have not only hurt its market value but also dealt a massive blow to Zuckerberg’s personal fortune and credibility.
