And you thought you had problems.
Meta Platforms (FB) – Get Meta Platforms Inc. Class A Report CEO Mark Zuckerberg has been booted off of the top 10 list of the Bloomberg Billionaires Index as shares of the Facebook parent have been taking a serious shellacking this month.
The Name Game
Zuckerberg, who dropped to the lucky 13th spot, had his virtual head handed to him weeks ago.
He lost $29.7 billion from his net worth, while his company dropped almost $237 billion in market capitalization a day after Meta Platforms posted weaker-than-expected fourth-quarter earnings,
Zuckerberg’s total net worth was put at $78.2 billion and he lost $47.3 billion year-to-date.
According to New York Mag, the company has lost $500 billion since changing its name from Facebook in October.
And shares finished down nearly 2% Tuesday to $202.08.
Zuckerberg has been unfriended from the circle of such big money makers as Tesla’s (TSLA) – Get Tesla Inc Report Elon Musk, who has the Number One position with $220 billion, Amazon’s (AMZN) – Get Amazon.com, Inc. Report Jeff Bezos, who pulled down $177 billion, and Bernard Arnault, who is chairman and CEO of LVMH (LVMHF) Moet Hennessy – Louis Vuitton SE and whose net worth totals $160 billion.
Microsoft’s (MSFT) – Get Microsoft Corporation Report Bill Gates came in fourth at $125 billion and Google (GOOGL) – Get Alphabet Inc. Class A Report Co-Founder Larry Page nailed down the Number 5 spot with $117 billion in the bank.
‘A Lot of Potential’
Meanwhile, Meta Platforms launched its short-video product Reels for all global Facebook users on Tuesday.
During the company’s fourth-quarter earnings call, Zuckerberg said “Reels is now our fastest-growing content format by far,” according to a transcript of the call.
“It’s already the biggest contributor to engagement growth on Instagram and it’s growing very quickly on Facebook, too,” he said.
Zuckerberg added that “we face a competitor in TikTok that is a lot bigger, so it will take a while to compound and catch up there.”
“But fundamentally, you know, we think that there’s a lot of potential for it to continue growing,” he said.
And, heck, being bum-rushed out of the billionaire’s Top Ten Club isn’t so bad.
At least Zuckerberg isn’t Tang Xiao’ou, who is founder of SenseTime, an artificial intelligence company, and in dead last place of the top 500 billionaires with a mere $5.48 billion to his name.