Mark Zuckerberg lost $29 billion in net worth on Thursday as Meta Platforms' stock marked a record one-day plunge, while fellow billionaire Jeff Bezos was set to add $20bn to his fortune after Amazon's blockbuster earnings.
This pushes Mr Zuckerberg outside the list of the top 10 wealthiest people — and the exclusive $100bn club — in the world for the first time since July 2015.
Meta's stock fell 26 per cent, erasing more than $200bn in the biggest ever single-day market value wipeout for a US company. That pulled down founder and chief executive Mr Zuckerberg's net worth to $85bn, according to Forbes.
Mr Zuckerberg owns about 12.8 per cent of the technology behemoth formerly known as Facebook.
His one-day wealth decline is among the biggest in history and comes after Tesla top boss Elon Musk's $35bn single-day paper loss in November.
The decline in the fortune of Mr Musk, the world's richest person, came after he polled Twitter users on whether he should sell 10 per cent of his stake in the electric car maker. Tesla shares have yet to recover from the resulting sell-off.
After the $29bn wipeout, Mr Zuckerberg is now 12th on Forbes' list of real-time billionaires, below Indian business moguls Mukesh Ambani and Gautam Adani.
Meta reported no growth in monthly Facebook users in the fourth quarter relative to the previous period.
For Meta, the disappointing earnings add to its challenges. It is in the middle of a number of regulatory fights and also looking to justify its strategic shift to bet on an immersive internet known as the metaverse.
Meanwhile, other platforms such as TikTok and YouTube are gaining ground with younger users.
Mr Bezos, the founder and chairman of e-commerce retailer Amazon, owns about 9.9 per cent of the company, according to Refinitiv data. He is also the world's third richest man, according to Forbes.
Amazon's holiday-quarter profit surged, thanks to its investments in electric vehicle company Rivian. The company said it would raise the annual prices of Prime subscriptions in the US, sending its shares up 15 per cent in extended trading and readying it for its biggest percentage gain since October 2009 on Friday.
Mr Bezos's net worth rose 57 per cent to $177bn in 2021 from a year earlier, according to Forbes, largely from Amazon's boom during the coronavirus pandemic when people were highly dependent on online shopping.
Trading in technology stocks remains volatile as investors struggle to price in the impact of high inflation and an expected rise in interest rates.
Meta shares could very well recover sooner rather than later, with the hit to Mr Zuckerberg's wealth staying on paper.
Mr Zuckerberg sold $4.47bn worth of Meta shares last year, before 2021's technology retreat. The sales were carried out as part of a pre-set 10b5-1 trading plan, which executives use to allay concerns about insider trading.
More on Quran memorisation:
UAE%20Warriors%2045%20Results
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UAE currency: the story behind the money in your pockets
T20 World Cup Qualifier fixtures
Tuesday, October 29
Qualifier one, 2.10pm – Netherlands v UAE
Qualifier two, 7.30pm – Namibia v Oman
Wednesday, October 30
Qualifier three, 2.10pm – Scotland v loser of qualifier one
Qualifier four, 7.30pm – Hong Kong v loser of qualifier two
Thursday, October 31
Fifth-place playoff, 2.10pm – winner of qualifier three v winner of qualifier four
Friday, November 1
Semi-final one, 2.10pm – Ireland v winner of qualifier one
Semi-final two, 7.30pm – PNG v winner of qualifier two
Saturday, November 2
Third-place playoff, 2.10pm
Final, 7.30pm
Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
The%20specs
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Dunki
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
