Meta’s CEO, Mark Zuckerberg is certainly not the only billionaire who has lost money this year, but he has paid the most. A sluggish online advertising market, competition from TikTok, and increased skepticism about the Metaverse led to a disappointing third-quarter earnings report for Meta (META).
As of Oct. 27, the stock closed at $97.94, the lowest closing price since 2016. During the day, it was down 24.6%. Meta shares have fallen 61% since the beginning of the year.
Meta CEO Mark Zuckerberg has lost a constant stream of net worth since a high of $142 billion in September 2021. According to Bloomberg Billionaires Index data published on October 27, that value has decreased to $37.7 billion. During the past 13 months, Meta CEO Mark Zuckerberg has lost more than $100 billion in net worth.
Twitter Users Have Opinions
A Twitter user named @unusual_whales posted the news and the comments poured in.
‘$100 billion here, $100 billion there, you’re soon talking real money,’ chirped @Smartnership.
“He had a worse week than Kanye,” commented @barryho55648905.
“If you bought $META last year on 10/27/2021 and you held till today you would’ve lost 67%. Now tell me why should I trust buy and hold. Also cash yield is 2.52%,” according to @FibRetracer.
“Hey, at least I can say I never lost that much money,” commented @TimTimTim737.
Meta reported revenue of $27.7 billion for the third quarter in its earnings call, its second consecutive quarterly decline.
Furthermore, Meta projected a gloomy revenue forecast for the fourth quarter, between $30 billion and $32.5 billion. According to Wall Street analysts, Q4 revenue is expected to be at the higher end of that range, so the projected floor worried investors.