Meta News: This year seems to be proving very bad for Meta and Facebook founder Mark Zuckerberg, with 2022 proving to be a drain on his wealth. Just yesterday, Metar shares suffered a sharp decline, the lowest its share price has seen since 2016. Mater’s shares fell sharply this week after the company’s weak quarterly results and are trading up to 25 percent lower on the US stock market. On Thursday, Meta’s stock fell below $100 per share, causing consternation among its investors.
Metaverse did not yield the expected results
Meta chief Mark Zuckerberg launched his dream project Metaverse on a grand scale, but results are proving poor and investor confidence continues to wane. In the latest quarterly results, both the company’s profit and revenue fell strongly, which led to a strong fall of up to 25 percent in Meta shares yesterday.
The company’s condition worsened due to the drop in Mater’s share
Talking about the current state of Meta, since the golden days of Facebook, its state is now painful. The company’s value has fallen 70 percent this year and is down 74 percent from the stock’s peak in September 2021. Overall, its market cap fell by $730 billion. They are also down from the 2016 lows when its shares took a big plunge.
Meta outside America’s top 20 richest companies
Meta is now outside the top 20 richest companies in America and this is a big blow for it. Last year it was among the top 5 most valuable companies in America and had a market cap of over $1 trillion. At the same time, now the company’s net worth has dropped to $ 270 billion and is out of the list of top 20 valuable companies.
Mark Zuckerberg’s wealth has also fallen drastically
Meta CEO Mark Zuckerberg’s wealth has also declined drastically and he has dropped out of the world’s top 20 richest people list. Currently, Mark Zuckerberg is the 23rd richest person in the world, having once been in the top 3.
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