Meta, formerly known as Facebook, lost $29 billion in net worth on Thursday. According to Forbes, Meta’s stock fell 26 per cent (more than $200 billion) in the biggest-ever single-day loss in market value. This has pulled down Meta CEO Mark Zuckerberg’s net worth to $85 billion and sent shivers down the spine of .investors across the world.
Uday Kotak, CEO of Kotak Mahindra Bank, on Friday, tweeted, “It highlights the fragility and fickleness of our times”.
“Facebook Meta market value dropped ~$240 bn (18 lakh crores) in a day. That is more than the total value of India’s largest company. It highlights the fragility and fickleness of our times. Welcome to the never normal world!”, Kotak added in the tweet.
Mark Zuckerberg owns 12.8 per cent of the tech social media platform. He is now in the twelfth spot on Forbes’ list of real-time billionaires after the $29-billion wipeouts. He stands below Mukesh Ambani and Gautam Adani.