Meta CEO Mark Zuckerberg lost nearly $9 billion from his estimated wealth in a single day as shares of the social media company fell on Friday, September 25.
According to Forbes, Zuckerberg’s net worth dropped by about $8.9 billion to $257.5 billion by 2:30 p.m. US Eastern Time. The decline came after Meta shares fell around 4%, following a strong 4.5% gain in the previous trading session. Zuckerberg owns about 13% of Meta, so movements in the company’s share price have a major effect on his estimated fortune.
The drop followed concerns over the huge amount of money being spent by major technology companies on artificial intelligence infrastructure. Goldman Sachs warned that companies such as Meta may need to generate very large revenues from AI services to justify their spending.
Zuckerberg’s fall in wealth also affected his position among the world’s richest people. Forbes reported that he moved from fourth place to sixth place during Friday’s trading session.
