Meta Plunge Knocks Zuckerberg Out of Top 10 Billionaires

Bezos is set to get $20B richer
By Rob Quinn,  Newser Staff
Posted Feb 4, 2022 5:13 AM CST
Zuckerberg Loses $29B in Meta Plunge
Then-Amazon CEO Jeff Bezos speaks at the the Amazon re:MARS convention in Las Vegas in 2019.ring   (AP Photo/John Locher, File)

(Newser) – Share price swings have brought the fortunes of two tech billionaires up—and down—by amounts equivalent to the GDPs of small countries. Shares in Meta, Facebook's parent company, plummeted 26% on Thursday, bringing Mark Zuckerberg's net worth down by around $29 billion to $85 billion, reports Reuters. The drop took the Facebook founder out of Forbes' list of the world's ten richest people—and turned him from a three-digit billionaire to a two-digit billionaire. The fall in Meta's valuation, which followed a drop in daily users, was more than $220 billion, believed to be the largest in history for any company.

The wealth of Amazon founder Jeff Bezos, meanwhile, is set to surge by $20 billion—not enough to dislodge Elon Musk at the top of Forbes' billionaire list, but narrowing the gap between him and LVMH chief Bernard Arnault, who is at No. 2, per MarketWatch. Zuckerberg is now in 12th place. Amazon shares fell 7.8% Thursday but they jumped 15% in after-hours trading, per the AP. The rise came after the company announced that quarterly profits had almost doubled—and it is raising the price of Prime membership. Bezos, formerly Amazon CEO and now executive chairman, owns around 10% of the company. (Read more billionaires stories.)

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