Facebook founder Mark Zuckerberg’s net worth fell $11 billion to $36 billion as the company’s shares dropped a day after it reported dismal quarterly earnings. In its third quarter earnings, the social media giant reported a 50% decline in profits and revenue sliding by 4%, far below analyst expectations.
Meta’s virtual and augmented reality division has lost a whopping $9.4 billion this year through September 30. The decline pulled Zuckerberg down from the 25th richest person to the 29th richest.
Zuckerberg said, “Look, I get that a lot of people might disagree with this investment. But from what I can tell, I think that this is going to be a very important thing, and I think it would be a mistake for us to not focus on any of these areas, which I think are going to be fundamentally important to the future.”
Meta stock was soaring high during the pandemic and reached its peak in September 2021, increasing Zuckerberg’s fortune to $136.4 billion. Since then, Meta’s stock price has slumped by 74% and Zuckerberg has lost $100 billion, nearly three-fourths of his fortune at its peak.
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