The Meta CEO is certainly not the only billionaire to lose money this year, but he has coughed up the most.
Online advertising sluggishness, competition from TikTok, and increasing skepticism about the Metaverse led to a disappointing third-quarter earnings report Oct. 26 for Meta (META) .
Shares closed Oct. 27 at $97.94, the lowest closing price for the stock since 2016. It was down 24.6% for the day. For the year, Meta shares are down an astonishing 61%.
This is on the heels of a constant stream of losses in net worth for Meta CEO Mark Zuckerberg since a high of $142 billion in September 2021. That value shrunk to $37.7 billion according to new Oct. 27 data from Bloomberg Billionaires Index. That’s a loss in net worth for Meta CEO Mark Zuckerberg of more than $100 billion in 13 months.
Twitter user @unusual_whales posted the news and the comments came roaring in.
“$100 billion here, $100 billion there, pretty soon you’re talking about real money,” chirped @Smartnership.
“He had a worse week than Kanye,” noted @barryho55648905.
“If you bought $META last year on 10/27/2021 and you held till today you would’ve lost 67%. Now tell me why should I trust buy and hold. Also cash yield is 2.52%,” calculated @FibRetracer.
“Hey, at least I can say I never lost that much money,” boasted @TimTimTim737.
In the earnings call, Meta had reported third-quarter revenue of $27.7 billion for its second quarterly drop in a row.
Worse, Meta signaled a gloomy outlook for the fourth quarter, projecting $30 billion to $32.5 billion in revenue. Wall Street was anticipating Q4 revenue in the high end of that range so the projected floor scared investors off.