Last week saw a historic drop in shares of social media site Facebook’s parent company Meta. The company’s CEO Mark Zuckerberg has lost 31 billion due to the fall in shares of Meta. At the same time, his place in the Bloomberg Billionaire list of the world’s billionaires has dropped three places.
According to the Bloomberg Billionaire Index, he is currently the 10th richest person in the world. That is a few million dollars behind Oracle co-founder Larry Ellison and ahead of Indian billionaire Mukesh Ambani. Tesla CEO Alan Musk tops the list of billionaires by a wide margin.
Last Thursday was the worst day for Meta in the stock market. Meta’s share price plummeted as reports of a decline in profits and users also surfaced.
The company’s share price fell 26 percent and Meta lost 240 billion. The amount lost by Meta is more than the total market value of companies including Oracle, Cisco and Disney.
Zuckerberg, 37, owns 398 million shares of Meta Company. Which is 14.2 percent of the company’s total share. Zuckerberg’s fortune has fallen to 89.6 billion after the company’s share price fell. Zuckerberg is followed by Indian billionaire and Asia’s richest man Mukesh Ambani. Ambani’s net worth is only 400 million less than Zuckerberg’s.
If Facebook’s share price continues to fall, it risks being overtaken by Ambani and dropped from the list of Zuckerberg’s top billionaires.
