Meta CEO Mark Zuckerberg lost 50 billion rupees in a day
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Meta CEO Mark Zuckerberg lost eighteen billion dollars (more than fifty trillion Pakistani rupees) in one day. The decline in his wealth came after the company’s quarterly earnings report, which resulted in a significant drop in Meta’s shares. This is the first time since October 2022 that Mark Zuckerberg has experienced such a large financial loss in a single day.

What is surprising is that during January to March 2024, Meta generated earnings and profits that exceeded investors’ expectations but predicted lower earnings during April to June. Mark Zuckerberg said that the company will spend billions of dollars on artificial intelligence (AI) and the metaverse.

He said that thirty-five to forty billion dollars will be spent on these sectors this year. As a result of the announcement, Meta’s shares fell, and Mark Zuckerberg also lost billions of dollars. Despite the shortfall of eighteen billion dollars, he still owns one hundred and fifty-five billion dollars, but this makes Elon Musk once again the third richest person in the world.

Mark Zuckerberg’s wealth decreased by nearly one hundred billion dollars during 2022. After this reduction, in 2023, he laid off thousands of META employees and announced a number of other measures that increased his wealth. Well, this is not the first time that Meta’s chief executive has suffered such a huge loss in a single day. In early 2022, they lost $30 billion in a single day when it was announced that, for the first time in history, Facebook’s user base was down instead of up.

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