Mark Zuckerberg Loses Billions As Facebook Suffers Its First Ever Downturn in Users
Facebook has lost users for the first time ever, costing CEO Mark Zuckerberg billions.
Facebook’s parent company, Meta, announced on Wednesday that it had lost about 1 million daily active users in the most recent quarter. It was the first ever drop in users for the social media giant, Axios reported.
After the dismal numbers were announced, Meta’s stock plummeted more than 20 percent, according to The Wall Street Journal. The drop cost the company’s market capitalization over $200 billion.
Zuckerberg himself was also directly impacted.
According to the Daily Mail, Zuckerberg has more than 398 million shares of Meta. So when the stock took a dive yesterday, it bumped $29 billion off his net worth.
Zuckerberg told investors on a call that competition from TikTok is forcing Facebook to focus more on Reels, its short-form video product, The Washington Post reported. – READ MORE
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