Mark Zuckerberg's Wealth Evaporates by 29 Trillion Won Amid Facebook After-Hours Stock Plunge

Mark Zuckerberg, Chief Executive Officer (CEO)
Photo by AP News

[Asia Economy Reporter Jeong Hyunjin] Bloomberg reported on the 2nd (local time) that Facebook CEO Mark Zuckerberg's fortune vanished by nearly 29 trillion won in an instant as the stock price plummeted following disappointing earnings.

According to Bloomberg's billionaire index, Zuckerberg's fortune was $121 billion (approximately 145.7 trillion won) based on the closing price that day, but it dropped to $97 billion (116.8 trillion won) as the stock price crashed in after-hours trading.

The reason Zuckerberg's fortune sharply declined in a moment was because Meta, Facebook's parent company, saw its stock price fall more than 20% in after-hours trading following the announcement of its Q4 earnings last year. Meta closed the day at $323, up 1.25%, but the stock plunged vertically in after-hours trading after the earnings release.

Meta announced that its Q4 revenue last year was $33.67 billion, and earnings per share were $3.67. These figures fell short of market expectations of $33.4 billion and $3.84, respectively. The daily active users and monthly active users were also 20 million and 40 million fewer than market estimates, respectively.

Meta also issued a lower-than-expected forecast for Q1 this year. Meta estimated Q1 revenue to be between $27 billion and $29 billion, which is below the Wall Street analyst consensus of $30.15 billion compiled by financial information firm Refinitiv.

Bloomberg projected, "Assuming Meta's plunge continues during regular trading hours on the Nasdaq market, Zuckerberg could fall off the list of the world's top 10 richest people for the first time since July 2015."

This content was produced with the assistance of AI translation services.