Facebook saw its worst day on the stock market today as the company lost $237 Billion in value and CEO Mark Zuckerberg lost more than a quarter of his total net worth in just one day. The company’s spectacular crash comes as it faces competition from other social media companies such as TikTok. During a meeting discussing the crash Zuckerberg urged his employees to focus more on video social media and appeared to be on the verge of tears. The social media pioneer claimed he was on the verge of crying because he had scratched his eye and that it had nothing to do with Facebook’s falling stock prices. The Daily Mail Reports–
Facebook CEO Mark Zuckerberg told his employees to focus on video products and warned that he might cry from a scratched eye during a virtual company-wide meeting Thursday after the social media giant lost $237 billion that day- the biggest single-day loss ever recorded.
Shares in Facebook owner Meta fell 26 percent Thursday when the markets closed, after the social media giant issued a dismal forecast and reported its first decline in daily active users.
Zuckerberg told his employees that the drop was due to a weak revenue forecast as the company faces an ‘unprecedented level of competition’ from TikTok, owned by Chinese company ByteDance.
The 37-year-old billionaire wore glasses and looked red-eyed, a person who attended the meeting told AdAge. Zuckerberg allegedly told his employees that he might tear up because he scratched his eye, and not because of the share drop.
The company’s overall value, known as its market capitalization, dropped by $230 billion, a figure greater than the size of the entire Greek economy, and Zuckerberg saw at least $29.7 billion erased from his net worth.
Zuckerberg was the world’s seventh wealthiest person on Wednesday, with a net worth of $113.1billion. But by the market close on Thursday, he dropped off Forbes’ top 10 list of billionaires as his net worth dropped to $83.4 billion.