Zuckerberg and Bezos lost Billions of dollars as Meta’s stock fell 26%.
Mark Zuckerberg lost $29 billion in net worth on Thursday, as his Meta Platforms Inc.’s stock recorded a record-breaking plunge in just one day.
On the other hand, billionaire Jeff Bezos was set to increase his wealth by $20 billion personal wealth after Amazon’s massive earnings.
Meta’s stock plummeted 26 percent, erasing more than $200 billion in the biggest one-day price wipeout for the U.S. firm.
This lowered its chief executive officer and founder Zuckerberg’s net worth by $85 billion as per Forbes.
Zuckerberg has around 12.8 percent of the tech giant formerly called Facebook.
Bezos, who is the chairman and founder of the e-commerce company Amazon has a stake of 9.9 percent of Amazon, as per Refinitiv’s figures. Bezos is also the third richest person, by Forbes.
Amazon’s fourth-quarter profit jumped due to its investment in the electric vehicle manufacturer Rivian as well as the fact that Amazon has announced.
It will raise the prices annually for Prime services in the United States, sending its shares up by 15% during extended trading and setting it up for the biggest percentage gain in the last month on Friday.
Bezos’s net worth grew 57 percent to $177 billion by 2021, up from $177 billion a year earlier.
MORE: Amazon raises Prime membership prices in the U.S.
According to Forbes, which mainly reflects Amazon’s rise during the pandemic, when people were heavily dependent on shopping online.
Zuckerberg’s single-day loss in wealth is among the largest ever recorded. It follows Tesla Inc, its top management Elon Musk’s record-breaking $35 billion cash loss in November.
Musk is the world’s wealthiest person, then surveyed Twitter users to decide if he wanted to sell 10 percent of his carmaker share. Tesla shares are yet to recover from the selloff.
After the wipeout of $29 billion, Zuckerberg is now in 12th place at the top of Forbes’ top list of current billionaires, just below Indian business leaders Mukesh Ambani and Gautam Adani.
Trading in tech stocks is indeed uncertain as investors try to estimate the potential impact of high inflation as well as the expected increase of interest rates.
Meta shares may rebound sooner than later, and the blow to Zuckerberg’s fortune remains in the form of the paper.
Zuckerberg has sold $4.47 billion in Meta shares in 2014, before 2021’s tech-related rout.
The sales of shares were executed as part of a set 10b5-1 trading strategy used by executives to dispel concerns about insider trading.
She is a freelance blogger, writer, and speaker, and writes for various entertainment magazines.