Meta’s founder Mark Zuckerberg has suffered a severe setback after a massive 26% drop in the price of its shares. Due to this, there has been a decrease in the market cap of the company by Rs 2.22 lakh crore. According to Bloomberg, this is the biggest single-day drop in value for any US company.

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All the memes of this huge fall are also being shared on social media. A user named Rinki has shared a song from Rekha, Mujhe Tum Nazar Se Gira To Rahe Ho.

Facebook renamed

Facebook’s name is now meta. Due to the fall in the company’s shares, Zuckerberg has now come to number 12 in the list of the world’s rich. His wealth has remained at $ 84.8 billion, or about Rs 6.31 lakh crore. Before him is Mukesh Ambani, the owner of Reliance. His assets are Rs 6.69 lakh crore.

dropped out of the top 10

Mark Zuckerberg has been out of the world’s top 10 rich list for the first time since 2015 due to a sharp fall in share prices. As per Indian time, the shares of Meta fell 26% on Thursday. The company’s stock was up 20% a day before that. By the last week of January, his assets were Rs 9 lakh crore.

Loss to many rich in January

By the way, in January all the rich have suffered. Tesla’s Elon Musk, the world’s richest businessman, had a loss of $25.8 billion in January. The shares of his companies had fallen drastically. Prior to that in November, he had a loss of $ 35 billion. Because of this, his net worth has come down from $315 billion to $232 billion now.

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Musk lost $3.3 billion

Musk lost $3.3 billion yesterday. Jeff Bezos has a loss of $ 11.9 billion. The company said that due to the increase in data prices in India, the growth of Meta in the December 2021 quarter was limited. Telecom companies Airtel, Vodafone Idea, and Reliance Jio also increased their prices by 20-25% in the December quarter.

Meta profits down

Meta’s profit declined 8% to $10.28 billion in the December quarter from $11.21 billion in the same period a year ago. By the way, the US stock market Nasdaq recorded a decline of 9% in January. This is because the Central Bank of America is planning to increase interest rates from March. He can raise interest rates 4-5 times this year.

Zuckerberg’s 12.8% stake

Mark Zuckerberg holds a 12.8% stake in Meta. There are many other reasons for the decline in the value of Facebook. The world’s largest company Apple made some updates last year, due to which Facebook is estimated to lose at least $10 billion this year.

Apple is also the reason for the decline

In April 2021, Apple let iPhone customers choose which app can track their behavior. Most of the customers took advantage of this feature and disabled it. Facebook CFO David Wehner says this will affect Facebook’s advertising revenue. This year can see a decline of 10 billion dollars in advertising revenue. This revenue is a major contributor to Facebook’s earnings.