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Mark Zuckerberg might have to queue for the Black Friday sales like everyone else this year, as his net worth has taken another major hit.
His company Meta Platforms, formerly Facebook, has seen its stock prices drop to their lowest level in four years after a 24% tumble yesterday.
Meta shares are now worth 67% less than they were a year ago, meaning they have dropped from over $1 trillion (£866bn) to $268 billion (£232bn).
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With Mark Zuckerberg owning 13.5% of the stock in Meta, it means his own net worth has taken a further hit following a £17billion drop in February.
The social media company has struggled to retain its value ever since Zuckerberg announced it was rebranding from 'Facebook' to 'Meta' in order to focus on the so-called metaverse.
The company is reportedly struggling to raise money through digital advertising on Facebook due to a wider downturn in the economy, while losing billions on its virtual reality tech.
Its platforms including Facebook and Instagram are also losing users as platforms like TikTok boom in popularity with younger audiences.
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Mark Zuckerberg reportedly only takes $1 per year in salary, with all of his wealth being wrapped up in Meta stock.
He's by no means the richest billionaire in Silicon Valley, but definitely does alright for himself, choosing to spend his cash on a 1,600-acre Hawaii ranch which has been criticised by locals as an expensive landgrab.
Zuckerberg reportedly also spends around £7.4bn on private jets every year through Meta. So, even if he has lost some serious cash this year, don't worry: he's still doing much, much better than you or I.
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- Mark Zuckerberg
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