What’s happening to the meta?… Zuckerberg’s assets evaporated by 24 trillion won in one day

input2024.04.26 11:16
correction2024.04.26 11:33

Disappointing guidance for the second quarter
Meta stock price fell 11% in one day
Zuckerberg’s assets are also shrinking.

Meta CEO Mark Zuckerberg’s net worth decreased by more than $18 billion (approximately 24 trillion won) in one day due to a sharp drop in Meta stock price.

American economic media outlet CNBC reported on the 25th (local time) that Zuckerberg’s net worth evaporated by more than $18 billion in one day as stock prices plummeted after Meta’s first quarter earnings announcement. On this day, Meta stock price fell 11%, showing the largest decline since October 2022.

Meta’s sales and profits exceeded market expectations, but lower-than-expected second quarter sales forecasts and increased spending plans dragged down the stock price. Mehta has earmarked $35 billion to $40 billion in capital spending this year, an upward revision from its previous forecast.

Zuckerberg spent most of his earnings presentation talking about artificial intelligence (AI) and Metaverse investments. “Despite the fact that Meta relies on advertising for 98% of its revenue, we will continue to invest billions of dollars in areas such as AI and Metaverse,” Zuckerberg said. He continued, “We are historically investing in new product expansion, and the stock will be very volatile at this stage when we are not yet generating revenue.”

Zuckerberg owns about 345 million Class A and B shares. On this day, Meta’s stock price fell to $52.12, and the value of Zuckerberg’s stake decreased by $18 billion to only $152 billion.

Zuckerberg’s wealth has fluctuated over the years due to the volatility of Meta’s stock. His net worth fell by $100 billion in 2022, but when Meta announced early last year that it would have a “Year of Efficiency,” its stock price tripled that year, causing Zuckerberg’s net worth to soar as well.

This wasn’t Zuckerberg’s worst day. The day when Meta’s stock price fell the most was in early 2022, when its stock price plummeted 26% and lost nearly $30 billion in one day due to poor performance and disappointing guidance.

Reporter Cho Young-sun [email protected]