Mark Zuckerberg lost $29 billion in net worth on Thursday as Meta Platforms' stock marked a record one-day plunge, while fellow billionaire Jeff Bezos was set to add $20bn to his fortune after Amazon's blockbuster earnings.
This pushes Mr Zuckerberg outside the list of the top 10 wealthiest people — and the exclusive $100bn club — in the world for the first time since July 2015.
Meta's stock fell 26 per cent, erasing more than $200bn in the biggest ever single-day market value wipeout for a US company. That pulled down founder and chief executive Mr Zuckerberg's net worth to $85bn, according to Forbes.
Mr Zuckerberg owns about 12.8 per cent of the technology behemoth formerly known as Facebook.
His one-day wealth decline is among the biggest in history and comes after Tesla top boss Elon Musk's $35bn single-day paper loss in November.
The decline in the fortune of Mr Musk, the world's richest person, came after he polled Twitter users on whether he should sell 10 per cent of his stake in the electric car maker. Tesla shares have yet to recover from the resulting sell-off.
After the $29bn wipeout, Mr Zuckerberg is now 12th on Forbes' list of real-time billionaires, below Indian business moguls Mukesh Ambani and Gautam Adani.
Meta reported no growth in monthly Facebook users in the fourth quarter relative to the previous period.
For Meta, the disappointing earnings add to its challenges. It is in the middle of a number of regulatory fights and also looking to justify its strategic shift to bet on an immersive internet known as the metaverse.
Meanwhile, other platforms such as TikTok and YouTube are gaining ground with younger users.
Mr Bezos, the founder and chairman of e-commerce retailer Amazon, owns about 9.9 per cent of the company, according to Refinitiv data. He is also the world's third richest man, according to Forbes.
Amazon's holiday-quarter profit surged, thanks to its investments in electric vehicle company Rivian. The company said it would raise the annual prices of Prime subscriptions in the US, sending its shares up 15 per cent in extended trading and readying it for its biggest percentage gain since October 2009 on Friday.
Mr Bezos's net worth rose 57 per cent to $177bn in 2021 from a year earlier, according to Forbes, largely from Amazon's boom during the coronavirus pandemic when people were highly dependent on online shopping.
Trading in technology stocks remains volatile as investors struggle to price in the impact of high inflation and an expected rise in interest rates.
Meta shares could very well recover sooner rather than later, with the hit to Mr Zuckerberg's wealth staying on paper.
Mr Zuckerberg sold $4.47bn worth of Meta shares last year, before 2021's technology retreat. The sales were carried out as part of a pre-set 10b5-1 trading plan, which executives use to allay concerns about insider trading.
How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
Tori Amos
Native Invader
Decca
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
START-UPS%20IN%20BATCH%204%20OF%20SANABIL%20500'S%20ACCELERATOR%20PROGRAMME
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Mohammed bin Zayed Majlis
The bio
His favourite book - 1984 by George Orwell
His favourite quote - 'If you think education is expensive, try ignorance' by Derek Bok, Former President of Harvard
Favourite place to travel to - Peloponnese, Southern Greece
Favourite movie - The Last Emperor
Favourite personality from history - Alexander the Great
Role Model - My father, Yiannis Davos
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Sholto Byrnes on Myanmar politics
Getting%20there%20
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TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Inside%20Out%202
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EKelsey%20Mann%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%C2%A0Amy%20Poehler%2C%20Maya%20Hawke%2C%20Ayo%20Edebiri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4.5%2F5%3C%2Fp%3E%0A
Fighting with My Family
Director: Stephen Merchant
Stars: Dwayne Johnson, Nick Frost, Lena Headey, Florence Pugh, Thomas Whilley, Tori Ellen Ross, Jack Lowden, Olivia Bernstone, Elroy Powell
Four stars
SPIDER-MAN%3A%20ACROSS%20THE%20SPIDER-VERSE
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Astra%20Tech%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202022%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EAbdallah%20Abu%20Sheikh%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20technology%20investment%20and%20development%3Cbr%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%24500m%3C%2Fp%3E%0A
