Poor Mark Zuckerberg’s Meta stock lost an astonishing $100 billion in just 13 months. This made him the largest loser of personal wealth in history.
According to Bloomberg’s Billionaires Index on Thursday, Zuckerberg was removed from the list of 20 world’s wealthiest people at 11:26 AM. This happened because Meta stock suffered a 22% loss in just one day following a quarterly report that showed a shocking drop in profits. After a 13-month-long steady decline in stock prices, this is a significant drop.
Zuckerberg was at $142 billion, the peak of his wealth in September 2021. He is now worth $38.1 billion.
Meta employees were asked to give it “200%” so that the layoffs do not begin.
Insider was told by an anonymous Meta employee that Zuck’s message was clear. “Zuck’s message was clear. You have three months to prove yourself worth. Put in 200% effort. Or you can resign immediately if it doesn’t appeal to you.”
Meta will lose 20% of its 83 500 employees by 2023, according to estimates.
According to Reuters, Zuckerberg stated that “Realistically there are probably a lot of people at the organization who shouldn’t” at an internal meeting.
Zuckerberg’s ex-business associate Palmer Luckey claims Zuckerbeast fired Palmer Luckey for donating $10,000 towards Trump’s 2016 presidential campaign.
Zuck stated, “Part of my hope through raising expectations and setting higher goals, and just kinda turning up the heat, is that some of you might decide this place isn’t for you.”
Related: Meta Hit Fined $2.47 Million for Campaign Finance Violations
Zuckerberg has spent $15 billion, but apparently it wasn’t enough to make up for all of that effort. Investors aren’t happy.
Palmer Luckey laughedly called Zuckerberg’s company Meta a “project vehicle.