Zuckerberg US$31 billion poorer after Meta meltdown

Zuckerberg US$31 billion poorer after Meta meltdown
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KUALA LUMPUR (Feb 4): Mark Zuckerberg became US$31 billion (about RM129.66 billion) poorer on Thursday (Feb 3) as Meta Platforms Inc's one-day stock crash now ranks as the worst in stock-market history.

Zuckerberg’s net worth dropped to US$89.6 billion after losing some US$35.9 billion year-to-date (YTD), according to the Bloomberg Billionaires Index.

Meta, the Facebook parent, plunged 26% on Thursday on disappointing earnings results, and lost about US$251.3 billion in market value.

His one-day wealth loss is among the largest on record after Tesla co-founder and self-proclaimed “Technoking of Tesla” Elon Musk suffered a US$35 billion single-day paper loss in November.

Thursday also saw other tech billionaires suffering losses.

Musk lost US3.44 billion overnight, taking his YTD losses to US$39.3 billion but maintained his top spot on the list with a wealth of US$231 billion.

Meanwhile, the world’s former richest man, Amazon’s Jeff Bezos, dropped to third on the list after losing US$11.9 billion on Thursday with total wealth of US$164 billion.

YTD, he has lost US$28.4 billion.

Bezos stepped down from his role as the chief executive officer (CEO) of Amazon in July, and said he is spending more time on initiatives like the Bezos Earth Fund, his Blue Origin spaceship company, The Washington Post and the Bezos Day One Fund.

Moving up as the second richest man in the world was Bernard Arnault, the Louis Vuitton chairman and CEO, with a wealth of US$167 billion.

The Bloomberg Billionaires Index is a daily ranking of the world’s 500 richest people.

The figures are updated at the close of every trading day in New York.

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Meta erases US$252 billion in value, biggest wipeout in history