The net worth of Meta’s centibillionare CEO Mark Zuckerberg dropped by more than $22 billion—or 13%—on Thursday, as shares of the Facebook parent slumped after the tech giant’s first-quarter earnings call exceeded expectations but anticipated slow growth.
Zuckerberg’s net worth drop comes a day after Meta held its first-quarter earnings call, which ... [+]
Meta shares sank more than 13% to 426.47 as of 11:18 a.m. ET on Thursday, with Zuckerberg’s net worth standing at $151 billion at around 11:15 a.m. ET, down $22.1 billion on the day.
The plummeting stock price followed Meta’s first-quarter earnings call Wednesday afternoon, in which the company projected lower-than-expected second-quarter sales and forecasted heavy costs in its artificial intelligence division with no clear path to operating profits
Zuckerberg is still the fourth richest person in the world, behind LVMH’s Bernard Arnault, Amazon’s Jeff Bezos and Tesla’s Elon Musk.
$36.46 billion. That’s how much Meta earned in sales during the first quarter of 2024, exceeding estimates of $36.14 billion. It was up 27% from the previous year.
Facebook co-founder Dustin Moskovitz’s net worth also fell by $2 billion—or 11.63%, according to Forbes’ calculations. He is 103rd on Forbes’ billionaires list, with an estimated net worth of $15.8 billion.
Meta Stock Tanks 10% Despite Big Earnings Beat (Forbes)
Meta stock plummets after Zuckerberg touts money-losing projects (NBC News)