By Eva Mathews and Nivedita Balu, Feb 4 (Reuters) - Mark Zuckerberg lost $29 billion in net worth on Thursday as Meta Platforms Inc's (FB.O) stock marked a record one-day plunge, while fellow billionaire Jeff Bezos was set to add $20 billion to his personal valuation after Amazon's blockbuster earnings.
Meta's stock fell 26%, erasing more than $200 billion in the biggest ever single-day market value wipeout for a U.S. company. That pulled down founder and Chief Executive Officer Zuckerberg's net worth to $85 billion, according to Forbes.
Zuckerberg owns about 12.8% of the tech behemoth formerly known as Facebook.
Bezos, the founder and chairman of e-commerce retailer Amazon, owns about 9.9% of the company, according to Refinitiv data. He is also the world's third richest man, according to Forbes.
Amazon's holiday-quarter profit surged, thanks to its investments in electric vehicle company Rivian; and the company said it would hike annual prices of Prime subscriptions in the United States, sending its shares up 15% in extended trading and readying it for its biggest percentage gain since October 2009 on Friday.
Bezos' net worth rose 57% to $177 billion in 2021 from a year earlier, according to Forbes, largely from Amazon's boom during the pandemic when people were highly dependent on online shopping.
Zuckerberg's one-day wealth decline is among the biggest ever and comes after Tesla Inc (TSLA.O) top boss Elon Musk's $35 billion single-day paper loss in November. Musk, the world's richest person, had then polled Twitter users if he should sell 10% of his stake in the electric carmaker. Tesla shares have yet to recover from the resulting selloff.
Following the $29 billion wipeout, Zuckerberg is in the twelfth spot on Forbes' list of real-time billionaires, below Indian business moguls Mukesh Ambani and Gautam Adani.
To be sure, trading in technology stocks remains volatile as investors struggle to price in the impact of high inflation and an expected rise in interest rates. Meta shares could very well recover sooner rather than later, with the hit to Zuckerberg's wealth staying on paper.
Zuckerberg sold $4.47 billion worth of Meta shares last year, before 2021's tech rout. The stock sales were carried out as part of a pre-set 10b5-1 trading plan, which executives use to allay concerns about insider trading.
Do not make expressions casting dout on election: EC
14 Apr, 2022CM Bhatta says may New Year 2079 BS inspire positive thinking
14 Apr, 2022Three new cases, 44 recoveries in 24 hours
14 Apr, 2022689 climbers of 84 teams so far acquire permits for climbing various peaks this spring season
14 Apr, 2022How the rising cost of living crisis is impacting Nepal
14 Apr, 2022US military confirms an interstellar meteor collided with Earth
14 Apr, 2022Valneva Covid vaccine approved for use in UK
14 Apr, 2022Chair Prachanda highlights need of unity among Maoist, Communist forces
14 Apr, 2022Ranbir Kapoor and Alia Bhatt: Bollywood toasts star couple on wedding
14 Apr, 2022President Bhandari confers decorations (Photo Feature)
14 Apr, 2022