Who is Zuckerberg Blaming For Dramatic Decline of Meta Stock?
03:40 GMT 05.02.2022 (Updated: 18:23 GMT 03.11.2022)
© AP Photo / Francois MoriFacebook's CEO Mark Zuckerberg, arrives to meet France's President Emmanuel Macron after the "Tech for Good" Summit at the Elysee Palace in Paris, Wednesday, May 23, 2018. French President Emmanuel Macron seeks to persuade Facebook CEO Mark Zuckerberg and other internet giants to discuss tax and data protection issues at a Paris meeting set to focus on how they could use their global influence for the public good
© AP Photo / Francois Mori
Meta’s founder Mark Zuckerberg's net worth sank $29.7 billion in a single day after Meta Platforms stock plunged earlier this week. The social media giant saw for the first time in its history a decline in active users after the company announced that it would be investing $10 billion in its new Metaverse.
Mark Zuckerberg blamed the growing popularity of the Chinese-made TikTok platform for Facebook’s declining number of users, the Washington Post reported on Thursday.
"People have a lot of choices for how they want to spend their time, and apps like TikTok are growing very quickly," Zuckerberg said during an earnings call.
Among other reasons, Zuckerberg mentioned the poor revenue forecast for the next quarter of 2022 and noted that the company should focus on developing services for short videos like Reels on Instagram.
For the first time in 18 years of its existence, Facebook recorded a drop in the daily number of active users, with the company's shares falling by 25 percent in one day.
Zuckerberg, who owns a 13 percent stake in Meta, is now worth $84.8 billion, according to Forbes. For the first time since the summer of 2015, he is not among the ten richest people on the planet, dropping to 12th in the rankings.