Zuckerberg drops to 12th in billionaires list after losing $27.8bn to Meta meltdown

Meta founder, Mark Zuckerberg, has dropped out of the top 10 rich list after investors took out their investment in the company.

Zuckerberg dropped to ninth position on the rich list two days ago, and at the end of today’s trading at the New York Stock Exchange (NYSE), he was ranked 12th on the Forbes billionaire index.

The Harvard school dropout was worth $114.4 billion, but his fortune is now estimated at $86.7 billion, surpassing the $85 billion he held in September 2020.

Zuckerberg’s net worth was $134.5 billion in October last year.

Why is Zuckerberg losing money?

Zuckerberg lost $27.8 billion or 24.26 percent of his wealth after Meta’s market capitalization dropped by 25.50 percent on Thursday.

The company lost $82.36 from its stock value to end the day at $240.63 per share.

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Meta’s share value dropped due to a sell-off by shareholders amid an iOS update issue with Apple which affected Facebook’s functionality, declining users, and a $10 billion loss in its Metaverse business last year.

Zuckerberg now ranks below Indian billionaire Mukesh Ambani, who is currently worth $90 billion.

Gautam Adani & family are the new entrants to the top 10 list with $90.1 billion.

The family operates several business outfits including gas, energy, and ports logistics among others.

Microsoft’s Steve Ballmer was ranked ninth with $97.9 billion.

Larry Ellison, a software businessman, was ranked eighth on the billionaire index with $112.4 billion while Warren Buffett of Berkshire Hathaway took the seventh position with $114.6 billion.

Google founders, Sergey Brin and Larry Page took the sixth and fifth position with an estimated fortune of $119.2 billion and $125.4 billion respectively.

Microsoft’s Bill Gates came in at number four with a networth of $133 billion, while Amazon founder, Jeff Bezos, closed Wednesday’s trading session with $166.7 billion, enough to keep him in third position.

Owners of LVMH, Bernard Arnault and family retained the second position with $193.6 billion while Tesla founder, Elon Musk, tops the billionaires’ list with $240.9 billion.

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