Mark Zuckerberg’s wealth has dropped a further $11 billion, meaning his net worth has now plummeted more than $100 billion in just 13 months.
Meta reported a decline in revenue for the second consecutive quarter this week. The company has struggled to come out on top after investing $70 billion into the Metaverse, its immersive virtual world.
The quarter’s weak results raised fresh questions about Meta’s plans to pour more money at least $10 billion a year – into the virtual realm, as investors raise doubts about growth, the report said.
The company is also said to be falling in advertising sales as it faces competition from TikTok’s wildly popular video app.
The quarterly results from Meta Platforms Inc. sent its stock tumbling 19% in after-hours trading on Wednesday to $105.20.
If the sell-off holds through Thursday’s regular trading day, it will be the lowest it’s been since 2016. The stock closed Wednesday down 61% for the year.
The Menlo Park, California, company earned $4.4 billion, or $1.64 per share, in the three-month period that ended Sept. 30. That’s down 52% from, $9.19 billion, or $3.22 per share, in the same period a year earlier.
Meta’s Reality Labs unit, which includes its metaverse and virtual reality efforts, had an operating loss of $3.67 billion in the third quarter, compared with a loss of $2.63 billion a year earlier. Its revenue was $285 million.
