Meta CEO Mark Zuckerberg sees major drop in his net worth due to…; falls to fifth place on…

Photo: Instagram/Mark Zuckerberg

Mark Zuckerberg, CEO of Meta Platforms Inc., has seen a huge decline in his net worth. According to Bloomberg, the decline is linked to Meta’s ambitious spending plans on artificial intelligence (AI), which have unsettled investors. Zuckerberg’s decline in fortune underscores volatility facing tech billionaires Their fortunes are closely tied to publicly traded companies.

Mark Zuckerberg’s net worth

According to the Bloomberg Billionaires Index, Zuckerberg’s net worth is now estimated at around US$235 billion, after the 41-year-old lost around US$29.2 billion. This loss caused him to drop two places to No. 5 on the Bloomberg Billionaires Index.

Zuckerberg has been overtaken by Amazon.com Inc.’s Jeff Bezos and Alphabet Inc.’s Larry Page, who have not been among the four richest people since October 2023. Zuckerberg’s $29.2 billion drop was the fourth-largest single-day market-driven decline Bloomberg’s wealth index has ever recorded.

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Meta’s ambitious spending plans for artificial intelligence triggered a sharp decline in the company’s shares. Meta’s shares fell 11 percent after the company said it would launch its biggest investment-grade bond offering of the year to boost spending on artificial intelligence research. Meta stock is currently trading at $654.37 as of October 31. Meta’s shares had gained 28 percent this year before Thursday’s plunge, adding US$57 billion to Zuckerberg’s fortune.