Facebook founder Mark Zuckerberg's net worth 2022 crashed in one day, causing him to fall off the Top 10 list of richest people in the world.
The situation comes as the social media platform suffered a historic selloff in trading on Thursday. Zuckerberg's personal wealth bombed nearly $30 billion on the same day due to the incident.
Mark Zucerkberg Net Worth 2022: $85.1 Billion
Meta, the parent company of Facebook, had its shares fall down by more than 26% to $238.04 in midday trading. The incident occurred after the social networking giant reported the first quarterly decline in its user base since the company was founded.
Meta is expected to lose more than $200 billion in market value in one day if the stock plunge pattern holds. If it continues, it would be considered one of the worst declines on record within U.S. markets, as per the New York Post.
The social media company's average daily users went from 1.93 billion down to 1.929 billion in the fourth quarter. The decline, which is unprecedented, headlined a weaker-than-expected earnings report.
Read Also : Jeff Bezos Flexes Massive Wealth With Megayacht That Requires Dutch Bridge To Be Dismantled
Zuckerberg said that the downtrend in user activity was a result, in part, of increased competition from rival companies such as TikTok. During an earnings call on Wednesday afternoon, the Facebook CEO said that people worldwide had lots of options on how they spent their days, and various platforms were growing very quickly.
Despite topping expectations for revenue with $33.67 billion just in fourth-quarter sales, Meta missed the mark on earnings. The part of the company that was responsible for building its version of the so-called "metaverse," the Reality Labs division, lost more than $10 billion in fiscal 2021 while the social media company increased its investments.
Mark Zuckerberg's Wealth and Lifestyle
As of 5:00 pm EST Thursday, Zuckerberg was number 12 on the list of the richest individuals worldwide. Forbes reported that the spot places him just below Indian businessman Mukesh Ambani, who is the chairman, managing director, and largest shareholder of Reliance Industries Ltd.
Zuckerberg's wealth comes mainly from his 13% stake in Facebook, as he only receives a meager salary from the company. Furthermore, even if he is one of the richest men in the world, the Facebook CEO continues to live a modest and simple life with his wife, Priscilla Chan, and their two young daughters.
While the billionaire primarily drives non-luxurious cars with his Acura TSX and Honda Fit, both of which are valued at or under $30,000, he also owns a black Volkswagen Golf GTI.
One of Zuckerberg's splurges in cars, however, comes with his Italian Pagani Huayra which is known to sell for roughly $1.3 million each.
But one thing that the tech CEO spends the most of his money on is real estate. Zuckerberg bought a 5,000-square-foot home in Palo Alto for $7 million in May 2011 and has continued to renovate it since then, Business Insider reported.
Related Article:
Jeff Zuckler Resigns as CNN Boss Amid Secret Affair; Allison Gollust Gets Major Backlash
