Mark Zuckerberg Loses ksh 2.9trillions In Less than 24hrs

Facebook’s plunging stock price weighed on world markets on Thursday, dragging down major stock indexes.

Shares in Facebook owner Meta fell 24% in morning trading after the company’s dismal earnings report.

The decline marked Facebook’s worst one-day loss since its Wall Street debut in 2012.

The company’s overall value dropped by $200 billion, a figure greater than the entire Greek economy.

Mark Zuckerberg

Facebook CEO Mark Zuckerberg saw $29 billion erased from his net worth.

Zuckerberg was the world’s seventh wealthiest person on Wednesday, with a net worth of $121 billion, but could drop off the top-ten list by the time the markets close on Thursday.

The decline marked Facebook’s worst one-day loss since its Wall Street debut in 2012, and dragged down broader markets in the US and around the world.

Now, shedding users of its main social network, the Big Tech giant has turned to the “metaverse.” Zuckerberg is looking to make it the next major technological development.

But Meta’s Reality Labs, which develops virtual reality hardware, lost $10 billion in 2021, according to Axios.

Kim Forrest, chief investment officer at Bokeh Capital, said taking the company in a new direction while generating less revenue is “not a match made in heaven.”Zuckerberg seemed to agree.

“Although our direction is clear, it seems that our path ahead is not quite perfectly defined,” he told investors.

However, not all the trends were negative for Meta.

Instagram, WhatsApp and Messenger, all under the Meta umbrella, continued to add users. The number of people logging in to Facebook monthly also grew — it was the number of daily users that fell.

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