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zucker punch Massive decline in Facebook users wipes $24bn from Mark Zuckerberg’s net worth

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Meta CEO Mark Zuckerberg is ranked the world's seventh richest person. Photo: Reuters

Meta CEO Mark Zuckerberg is ranked the world's seventh richest person. Photo: Reuters

Shares of Meta dropped more than 20pc in after-hours trading after the company announced lower-than-expected revenue figures. Photo: Reuters

Shares of Meta dropped more than 20pc in after-hours trading after the company announced lower-than-expected revenue figures. Photo: Reuters

Mark Zuckerberg

Mark Zuckerberg

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Meta CEO Mark Zuckerberg is ranked the world's seventh richest person. Photo: Reuters

Meta CEO Mark Zuckerberg saw $24bn (€21bn) wiped from his net worth when his company’s share price collapsed following its latest quarterly report.

Shares of Meta dropped more than 20pc in after-hours trading after the company announced lower-than-expected revenue figures, as well as a decline in Facebook users for the first time in its 18-year history.

The number of daily active Facebook users fell by 1 million to 1.929 billion, with the company blaming competition from rivals like TikTok and YouTube.

“The teams are executing quite well and the product is growing very quickly,” Mr Zuckerberg said.

“The thing that is somewhat unique here is that TikTok is so big a competitor already and also continues to grow at quite a fast rate.”

The poor performance saw the company’s stock market value fall by roughly $200bn (176bn), leading to a drop in Mr Zuckerberg’s fortune, which is mostly tied up in Meta stock.

Mr Zuckerberg is ranked as the world’s seventh richest person, with his net worth before the collapse estimated at $121bn (106bn).

He said he was confident that the company’s new focus on the metaverse would prove a massive opportunity for new streams of revenue and growth, though some are sceptical about the promise of virtual worlds. (©Independent News Service)


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