Mark Zuckerberg lost $29 billion of his net worth on Thursday as Meta Platforms shares suffered a record one-day slump, while billionaire Jeff Bezos raised his valuation by $20 billion due to Amazon’s bullish earnings.
Meta’s stock plunged 26%, wiping out more than $200 billion in the largest single-day market value in a U.S. company. This pulled Zuckerberg’s net worth down to $85 billion, Forbes reports.
But, Amazon’s profit hit new heights in the Christmas quarter, mainly due to the tech giant’s investment in electric car company Rivian. Amazon will also increase its annual subscription rate, or Prime, in the U.S., catapulting its shares up 15% in extended trading.
Bezos’s net worth rose 57% year-on-year to $177 billion in 2021, according to Forbes, largely due to Amazon’s online shopping boom during the pandemic.
Zuckerberg’s massive one-day loss is one of the largest ever and comes after Tesla CEO Elon Musk’s $35 billion single-day paper loss in November 2021. Musk, the world’s richest person, then asked Twitter users for their opinion on whether he should sell 10% of his stake in Tesla.
After losing $29 billion, Zuckerberg is now ranked twelfth in Forbes’s list of real-time billionaires, behind Indian moguls Mukesh Ambani and Gautam Adani.
For more information, read the original story in Reuters.