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Meta CEO Mark Zuckerberg’s net worth is down about $9.9 billion after the tech giant’s shares fell on disappointing third-quarter earnings results.

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As of press time, Forbes’ real-time tracking shows that Zuckerberg’s net worth has fallen to $37.1 billion, relegating him to 26th on the publication’s list of billionaires.

According to Meta’s latest official statement, Zuckerberg owns over 350 million shares of the company.

Ticker Safety Last Change Change %
META META PLATFORM INC. 97.94 -31.88 -24.56%

Meta Platforms Inc.

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Shares fell more than 20% on Thursday and are down about 70% since the start of the year.

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Meta posted a net income of $4.4 billion, down 52% year on year. Earnings per share for the quarter was $1.64, below analysts’ estimate of $1.89. The company’s third-quarter revenue was $27.71 billion, down 4% year-on-year, but higher than analysts’ estimate of $27.38 billion.

Monthly active users (MAU) and daily active users (DAU) for Facebook met the targets. The platform averaged 2.96 billion MAUs and 1.98 billion DAUs.

Meta Reality Labs, which plays a key role in the company’s metaverse ambitions, lost $3.7 billion in Q3 on $285 million in revenue.

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During the earnings call, Zuckerberg warned that the company is planning its budget “somewhat more conservatively” as “it’s not yet clear if the economy has stabilized.” At the end of September, the company employed 87,300 people, up 28% from last year, she said.

“In 2023, we will focus our investments on a small number of priority growth areas,” he added. “So that means some teams will grow significantly, but most others will stay the same or shrink over the next year.”

Economics aside, Meta is facing increasing competition from TikTok and the impact of Apple’s 2021 iOS privacy changes that have impacted its ability to target users with ads.

Looking ahead, Meta expects fourth-quarter revenue in the range of $30 billion to $32.5 billion and total expenses in 2022 in the range of $85 billion to $87 billion, including approximately $900 million in expenses related to office space consolidation.

“We expect Reality Labs’ 2023 operating loss to rise significantly from last year,” the company added. “After 2023, we expect Reality Labs’ investments to be made in a way that will enable us to meet our long-term goal of increasing the company’s overall operating income.”