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Historic plunge in Meta stocks knocks Zuckerberg off top-10 richest list


For the first time since mid-2015, Facebook co-founder Mark Zuckerberg fell off the list of the world’s top 10 richest people when the shares of Meta plunged to a record-breaking low on Thursday.

The plunge swept away nearly US$30 billion from the 37-year-old’s net worth, bringing it down to $84.3 billion. He owns about 13 per cent of Meta.

This wiping away of $29.8 billion in a single day comes only second to the $35-billion hit Elon Musk took in November when he tweeted that he was selling 10 per cent of his stake in Tesla. According to Bloomberg, Musk lost another $25.8 billion last week.

Meta’s stock dropped when the company warned of weaker-than-expected revenue growth in the next quarter and that Apple’s recent privacy changes would cost it $10 billion, CNBC said.

The 26 per cent drop was Meta’s biggest single-day plunge and wiped more than $200 billion off its market cap which was also a record.

Published : February 05, 2022

By : THE NATION

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