Zuckerberg loses $29 billion, Bezos pockets $20 billion in a single day

Mark Zuckerberg lost $29 billion in net worth on Thursday as shares of Facebook parent company Meta marked a record one-day plunge, while fellow billionaire Jeff Bezos was expected to add $20 billion to his valuation personal after Amazon’s blockbuster profits.

Wiping out more than 26% of meta platforms, as Facebook’s parent company is now known, wiped out more than $230 billion in market value, by far the biggest one-day loss in history for an American company.

This dropped founder and CEO Zuckerberg’s net worth to $85 billion, according to Forbes.

Zuckerberg owns around 12.8% of the tech giant formerly known as Facebook.

Bezos, founder and chairman of e-commerce retailer Amazon, owns about 9.9% of the company, according to Refinitiv data. He is also the third richest man in the world, according to Forbes.

Amazon’s profits in the holiday quarter jumped, thanks to its investments in electric vehicle company Rivian; and the company said it would raise annual Prime subscription prices in the United States, sending its shares up 15% in extended trades and setting it up for its biggest percentage gain since October 2009 on Friday.

Bezos’ net worth rose 57% to $177 billion in 2021 from a year earlier, according to Forbes, largely thanks to Amazon’s boom during the pandemic, when people relied heavily on online shopping. line.

Zuckerberg’s one-day drop in wealth is one of the largest on record and comes after Tesla boss Elon Musk lost $35 billion in paper in a single day in November.

Musk, the world’s richest person, then asked Twitter users if he should sell 10% of his stake in the electric car maker. Tesla shares have yet to recover from the resulting selloff.

After the $29 billion wipeout, Zuckerberg sits 12th on the Forbes list of real-time billionaires, behind Indian business tycoons Mukesh Ambani and Gautam Adani.

Admittedly, tech stock trading remains volatile as investors struggle to gauge the impact of high inflation and an expected rise in interest rates. Meta stocks could very well rally sooner rather than later, with the blow to Zuckerberg’s wealth remaining on paper.

Zuckerberg sold $4.47 billion worth of Meta shares last year, ahead of the tech rout of 2021. The stock sales were made under a predefined 10b5-1 trading plan, which the executives use to allay concerns about insider trading.

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