Mark Zuckerberg, Founder of Facebook recently renamed meta has dropped out of the world’s 10 richest men’s list as his net worth plunged to $29.7 billion in stock selloff.
It was a historic development on Thursday February 3 according to Forbes’s real-time calculations.
By the end of trading, Zuckerberg’s on-paper fortune was estimated to be $84.8 as Forbes now has him at No 12 on the list of world’s richest individuals.
The rating agency reports that Meta shares fell by more than 26% on Thursday to close the day at $237.76 each.
Citing its market data, Dow Jones stated that the drop translates to a wipe-off of about $232 billion in value, the largest one-day drop in the market value of any stock in US history.
By Wednesday, 2nd of February, the social media giant reported the first quarterly decline in its user base in company history.
Facebook reported 1.929 billion daily users in the fourth quarter, a drop from 1.93 billion users the previous quarter.
Mark Zuckerberg has blamed the decline in user activity in part on increased competition from rival platforms like TikTok.
“People have a lot of choices for how they want to spend their time and apps like TikTok are growing very quickly,” Zuckerberg said during an earnings call on Wednesday afternoon.