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Zuckerberg Sheds Over $29B in 24 Hours as Bezos Sets to Gain Additional $20B

UTC by Ibukun Ogundare · 3 min read
Zuckerberg Sheds Over $29B in 24 Hours as Bezos Sets to Gain Additional $20B
Photo: Shutterstock

According to Forbes estimates in November last year, Zuckerberg owns about 12.8% of Facebook, while Bezos has under 10% of Amazon’s stake.

On the 3rd of February, Facebook Inc (NASDAQ: FB) CEO Mark Zuckerberg lost over $29 billion in its network while Amazon (NASDAQ: AMZN) founder Jeff Bezos added $20 billion to his personal valuation on the same day. Zuckerberg’s loss was caused as Meta Platforms Inc saw a record single-day decline, plummeting 26%. The company’s stock pulled out over $200 billion, representing the biggest single-day market value wipeout for a US company- first in history. As Zuckerberg shed nearly $30 billion, Amazon’s blockbuster earnings were set to fuel Bezos net worth.

According to Forbes estimates in November last year, Zuckerberg owns about 12.8% of Facebook, while Bezos has under 10% of Amazon’s stake. Hence, a shake-off like the 26% fall will inevitably affect the billionaire’s valuation. According to Forbes’ The World’s Real-Time Billionaires, Zuckerberg’s net worth is down to $84.8 billion, losing $29.7 billion. Meta plunged in reaction to the company’s projection of weaker-than-expected revenue growth in 2022 Q1. The company said that Apple’s recent privacy changes would cost about $10 billion from its revenue.

Zuckerberg Loses Nearly $30 Billion in a Day While Bezos Sets to Pocket $20B

This is also the first time the 37-year old billionaire is not among the top 10 richest people on earth in about seven years. Currently, Zuckerberg is the 12th richest person on the planet. The last time the Facebook founder was not one of the wealthiest people in the world was in Summer 2015. In addition, the billionaire’s loss is the second-largest single-day decline in history. The first largest was when Tesla (NASDAQ: CEO) Elon Musk lost $35 billion last November. At the time, Musk’s net worth went down after he tweeted that he was selling 10% of his Tesla stake. Last week, the Tesla CEO’s net worth also reduced by $25.8 billion.

With losses here and there, Amazon’s holiday quarter advanced due to its investments in EV maker Rivian (NASDAQ: RIVN). Also, the company has plans to increase the annual prices for its Prime subscribers in the US. In reaction, AMZN climbed 15% in after-hours trading. Currently, Amazon is up 13.14% to $3,141.01 in pre-market trading. According to Forbes, Bezos’ personal valuation grew 57% to $177 billion last year. The wealth advancement came amid increased demand for online shopping during the coronavirus pandemic. According to Forbes, Bezos is the third richest on earth with a net worth of $164.8 billion.

Currently, at pre-market trading, FB is up 0.85% to $239.79. Facebook stock has been steadily plunging over the past year, falling 11.32% in the last twelve months. In its year-to-date record, FB declined 29.31% and dropped 30.30% in the last three months. In addition to the losses, the tech company shed over 28.34% over the past month and 21.20% in the last five days.

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Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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