Categories: News

Mark Zuckerberg falls out of Top 10 rich list after net worth crashes $30B in stock selloff

Mark Zuckerberg’s Facebook shares suffered a historic selloff in trading on Thursday, Feb. 3, causing him to fall out of the Top 10 rich list.

 

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The Facebook founder’s personal net worth dropped approximately $29.7 billion on Thursday, according to Forbes’ real-time calculations.

 

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By the end of trading, Zuckerberg’s on-paper fortune was estimated to be $84.8 billion.

 

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Forbes now has Zuckerberg at No. 12 on the list 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.

 

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The social media giant late Wednesday, Feb 2. reported the first quarterly decline in its user base in company history.

 

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Facebook reported 1.929 billion daily users in the fourth quarter, down from 1.93 billion users the previous quarter.

 

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Zuckerberg blamed the decline in user activity in part on increased competition from rival platforms such as TikTok.

 

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“People have a lot of choices for how they want to spend their time and apps like TikTok are growing very quickly,” Zuckerberg said during an earnings call on Wednesday afternoon.

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Sola Adeyemo

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