These past days haven’t been really going as many would expect in the stocks and trading markets, and same may be said for Facebook’s (Now Meta) Mark Zuckerberg, after he dropped from the top 10 list of richest men in the world.
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Mark Zuckerberg who became a billionaire in 2008, at the age of 23, joined the top 3 Richest few years later and has since then, been significant on the top 10 spot for most years until Thursday, 3rd February 2022, when personal net worth dropped approximately $29.7 billion, according to Forbes’ real-time calculations.
By the end of trading, Zuckerberg’s on-paper fortune was estimated to be $84.8 billion and Forbes now have him at the number 12th spot of world’s richest individuals.
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Meta shares fell by more than 26% on Thursday to close the day at $237.76 each — wiping off about $232 billion in value, which was the largest one-day drop in market value of any stock in US history, Dow Jones reported, citing its market data.
The social media giant late Wednesday, Feb 2. reported the first quarterly decline in its user base in company history. Facebook reported 1.929 billion daily users in the fourth quarter, down from 1.93 billion users the previous quarter.
Zuckerberg blamed the decline in user activity in part on increased competition from rival platforms such as TikTok. During a debrief of earnings call on Wednesday afternoon, Zuckerberg said;
“People have a lot of choices for how they want to spend their time and apps like TikTok are growing very quickly,”