Mark Zuckerberg ‘Close to Tears’ After Facebook Lost N98.3trn in One Day

Mark Zuckerberg ‘Close to Tears’ After Facebook Lost N98.3trn in One Day

  • Facebook's shares went tumbling down on Thursday, sending the wider global markets into panic as the company reported its biggest ever loss
  • The CEO of Facebook and Meta, Mark Zuckerberg saw about N98.3 trillion wiped off his company's shares and N12.3 trillion erased from his personal fortune
  • The tech titan had a red eye as he chaired a virtual company-wide meeting after the loss and said he scratched his eye after he was seen sporting a red eye

Facebook Founder and Meta CEO, Mark Zuckerberg advised his staff to concentrate on building video products and cautioned that he may cry during a company-wide virtual meeting on Thursday, January 3, 2022 after his company lost a whopping N98.3 trillion. The loss is the biggest since the company was founded.

Facebook and Zuckerberg's fortunes drop

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Daily Mail reported that the company’s shares fell 26 per cent on Thursday at the close of markets after the social media giant issued a gloomy forecast and also reported its first-ever decline in daily active users.

Mark Zuckerberg
Mark Zuckerberg Credit: Sven Hoppe
Source: Getty Images

Zuckerberg himself saw N12.3 trillion of his personal net worth wiped off.

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He was the seventh richest person in the world on Wednesday, with a fortune worth N113. 1 billion. After his company’s woeful performance, he dropped off Forbes’ top 10 list to no 12 as his personal fortune plunged to $83.4 billion.

The company’s stock closed the day at N98,670.4 per share which sparked fear in international markets and pulled Nasdaq down by 3.7 per cent.

A stiff challenge from Tik-tok

Insiders said that Zuckerberg said the fall was because of weak revenue prediction as his company faces stiff competition from Tik-Tok, the video-sharing social network, owned by ByteDance, a Chinese company.

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The billionaire wore eyeglasses and looked like he had red-eye, a source at the meeting told AdAge. He allegedly told his staff that he might tear up because he scratched his eye, and not because of the drop in the shares of the company.

The loss is Facebook’s worst-day loss since it went public in 2012 and dragged down the wider market in the US and around the world.

Zuckerberg answered a question about burnout, saying that the company is considering offering long weekends, but added that a four-day workweek will not produce the desired result, a source at the meeting said.

I’m Not Worried About Money Lost, Says Mark Zuckerberg

Legit.ng reported that Techprenuer, Mark Zuckerberg, has said that he was not worried about the money lost or the number of users who migrated to other social media platforms during a seven-hour outage of his services on Monday, October 4, 2021.

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Zuckerberg, who made his stance known in a Facebook post on Tuesday, October 6, 2021 said he was rather concerned about those who rely on his products to connect with friends and family.

Also, Zuckerberg said the allegations of a Whistleblower against Facebook services are untrue and do not depict Facebook and its sister platforms.

Source: Legit.ng

Authors:
Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

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