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.
Brief scoreline:
Liverpool 2
Keita 5', Firmino 26'
Porto 0
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
HAJJAN
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INDIA SQUADS
India squad for third Test against Sri Lanka
Virat Kohli (capt), Murali Vijay, Lokesh Rahul, Shikhar Dhawan, Cheteshwar Pujara, Ajinkya Rahane, Rohit Sharma, Wriddhiman Saha, Ravichandran Ashwin, Ravindra Jadeja, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Vijay Shankar
India squad for ODI series against Sri Lanka
Rohit Sharma (capt), Shikhar Dhawan, Ajinkya Rahane, Shreyas Iyer, Manish Pandey, Kedar Jadhav, Dinesh Karthik, Mahendra Singh Dhoni, Hardik Pandya, Axar Patel, Kuldeep Yadav, Yuzvendra Chahal, Jasprit Bumrah, Bhuvneshwar Kumar, Siddarth Kaul
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
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Torque: 623Nm
Transmission: 10-speed automatic
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UAE currency: the story behind the money in your pockets
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