According to Forbes, Facebook founder Mark Zuckerberg has dropped out of the top 10 world’s wealthiest people and is now standing in 12th place. On February 7, Mark Zuckerberg, the CEO of Meta formerly known as Facebook, lost his previous position in the billionaires ranking and is now No.12 on the list. The entrepreneur has been in the top 10 richest people since 2015. The quarterly financial results released in early February showed that Meta’s net profit declined, while operating expenses increased. This served as a warning sign for investors. So, on February 3, Meta’s shares plunged by 26%, taking the company’s market cap down by $230 billion. According to Fortune Magazine, this was the biggest one-day loss in the history of the US stock market. The crash in Meta’s shares wiped $29.7 billion, or 25.9%, off Zuckerberg's personal wealth. Notably, Meta’s case is not the only example of a rapid fall. Last year, Elon Musk lost $33 billion overnight. Analysts are sure that the weak quarterly report is the main reason behind Zuckerberg’s losses. Meta also reported that the number of its daily active users had declined. At the same time, the company revealed its higher spending on building the metaverse. An unexpected collapse in the shares of the IT giant sparked panic in the market. Between February 3 and 6, key US stock indices were trading considerably lower. Currently, Meta is slowly recovering from its losses.
