Facebook’s parent company Meta Platforms witnessed a significant decline in shares on Monday, the first day of the week. At one point, the company’s shares fell by up to five percent. Later, there was a slight improvement. However, this decline led to a significant drop in the net worth of the company’s founder and CEO, Mark Zuckerberg.
The world’s largest social media company, Facebook, witnessed a significant decline in the shares of its parent company, Meta Platforms, on Monday. The reason behind this was a statement made by the President of the United States, Donald Trump. Trump, who is currently contesting elections, has portrayed Facebook as an enemy of the people. As a result, there was a nearly 4.42 percent decline in Meta Platforms’ shares. This decline also led to a significant drop in the net worth of the company’s founder and CEO, Mark Zuckerberg. According to the Bloomberg Billionaires Index, Zuckerberg’s net worth saw a decrease of $7.85 billion, approximately 649.59 crore rupees. With a net worth of $174 billion, Zuckerberg is the world’s fourth richest person. This year, his net worth has seen the fastest increase of $45.6 billion.
After Trump’s defeat in the January 2021 elections, Facebook banned him for two years following the violence in the Capitol. In February 2023, Facebook and Instagram accounts of Trump were reinstated. In an interview, Trump said, “I don’t think Facebook is honest. I think Facebook is very bad for the country, especially its role in elections.” As a result of his statement, Facebook’s share fell by five percent at one point on Monday. Later, there was some improvement. This decline also left Meta’s market cap at $1.232 trillion. It is the world’s seventh most valuable company.
13% stake Zuckerberg has a stake of about 13% in Meta Platforms. He founded Facebook in a Harvard University dorm room with his three friends in 2004, which is now the world’s largest social networking site. Zuckerberg became the world’s youngest billionaire at the age of 23 in 2007. He took Facebook public in May 2012, which was the largest tech IPO at the time. In 2022, the company’s revenue was $117 billion, with monthly users of 3.7 billion. Today, Zuckerberg is the fourth richest person in the world. He is preceded by Bernard Arnault, Jeff Bezos, and Elon Musk.
