Mark Zuckerberg may lose billions of pounds in net worth today as Meta falters
Mark Zuckerberg could lose billions of dollars today as his company Meta (formerly Facebook) is set to report its slowest growth in a decade.
According to Reuters, the social media giant has faced its slowest quarterly ad revenue growth in years, as companies cut back on spending in the wake of rising costs and the war in Ukraine.
Meta's ad revenue is anticipated to have grown by only 8.7% in the first quarter of this year, which would be the slowest growth since 2012 when the company first hit the stock market.
If Meta stock prices continue to plummet, it could mean Mark Zuckerberg will lose billions of dollars as the company's largest shareholder.
It would be the second time Zuckerberg has faced money troubles this year. In February, he lost almost $24 billion (£19 billion) after the company's stock prices dropped by more than 25 percent—the worst ever one-day slump in its history.
This happened because Facebook reported no growth for the first time ever, and lost users to TikTok and other platforms. Zuckerberg even fell out of the top 10 richest people in the world as a result, and is now 12th on the rich list.
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As the majority shareholder of Meta who only receives a $1 salary per year, Zuckerberg is often the hardest hit by stock price changes, which could be the difference between another extension of his private estate in Hawaii or beans for dinner.
Unlike other tech billionaires, Zuckerberg isn't known for splashing his cash on space programmes or underground tunnels, and enjoys a quiet family life with his wife Priscilla Chan.
However, he spends a lot of money on property, especially on his controversial 1,500 acre private estate in Kauai, Hawaii.
- Mark Zuckerberg
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