[New post] you Thursday–And Is Down $100 Billion Since Meta’s Stock Peaked

marketingscoops posted: " Facebook CEO Mark Zuckerberg pauses while speaking as he testifies before a joint hearing of the ... [+] Copyright 2018 The Associated Press. All rights reserved.   Facebook founder Mark Zuckerberg's net worth fell $11 billion on " https://onlinemarketingscoops.com you Thursday–And Is Down $100 Billion Since Meta's Stock Peaked marketingscoops Oct 31 Facebook CEO Mark Zuckerberg pauses while speaking as he testifies before a joint hearing of the ... [+] Copyright 2018 The Associated Press. All rights reserved.   Facebook founder Mark Zuckerberg's net worth fell $11 billion on Thursday to $36 billion as the company's shares plummeted a day after it reported dismal quarterly earnings. Meta shares fell 25% to $97.94 on Thursday, pushing the stock to its lowest point since December 2016. In its third quarter earnings released late Wednesday, the social media giant reported a 50% decline in profits and revenue sliding by 4%, far below analyst expectations. To make matters worse, Meta's virtual and augmented reality division has lost a whopping $9.4 billion this year through September 30 trying to create the metaverse. On that front, Meta appears to be failing miserably. "Look, I get that a lot of people might disagree with this investment. But from what I can tell, I think that this is going to be a very important thing, and I think it would be a mistake for us to not focus on any of these areas, which I think are going to be fundamentally important to the future," Zuckerberg said in the company's earnings call on Wednesday after the U.S. stock market closed. The stock decline knocked Zuckerberg down from the 25th richest person in the world as of market close Wednesday to the 29th richest as of market close Thursday, according to Forbes' Real-Time Billionaire tracker. It hasn't been a great year for Zuckerberg. Meta stock was flying high during the pandemic and reached its peak on September 7, 2021, bumping Zuckerberg's fortune to $136.4 billion. Since then, Meta's stock price has cratered by 74% and Zuckerberg has lost $100 billion, nearly three-fourths of his fortune at its peak. Beyond the losses in its metaverse unit, Meta is facing fierce competition from TikTok for ad dollars—the source of the majority of its revenue—as well as a broader advertiser pullback amid concerns about an impending recession. Adding to its advertising woes, the social network is still reeling from privacy changes made by Apple last year that make it harder for tech companies to track users across apps, which has cut into its ad revenue. Rachel Sandler I'm a San Francisco-based reporter covering wealth at Forbes. Follow me on Twitter @rachsandl or shoot me an email rsandler@forbes.com. Source: Mark Zuckerberg's Fortune Dropped $11 Billion Thursday–And Is Down $100 Billion Since Meta's Stock Peaked . Critics by Natalie Sherman Shares in Meta, which owns Facebook and Instagram, have plunged more than 20% after a downbeat set of results from the tech giant. It comes as investor doubts about Mark Zuckerberg's vision for the future grow, and revenues and profits decline. Meta's sales shrank by 4% in the three months ending in September to $27.7bn (£24bn), while profits halved. The fall in shares is set to wipe $78bn off the firm's market value if the losses hold until the end of Thursday. What's gone wrong? A year ago, Mark Zuckerberg declared virtual reality the next frontier to drive Facebook's growth. But so far, there has been very little of it.The company, which also owns WhatsApp, is struggling as companies cut advertising budgets in the face of economic uncertainty, changes to Apple's privacy settings hurt its targeted ads, and competition from rivals such as TikTok heats up. Mr Zuckerberg, who founded Facebook at university almost two decades ago, acknowledged the firm faced "near-term challenges".He said the company was focused on becoming more efficient and hinted at job cuts, saying the firm may be a "smaller organisation" next year. But on a conference call stacked with sceptical analysts, he also maintained that the company was on the right path, as it invests in ways to keep people on its apps and stakes a claim in the emerging world of virtual reality, also known as the metaverse. "There are a lot of things going on right now in the business and in the world," he said. "We're going to resolve each of these things... I think those who are patient and invest with us will end up being rewarded." Investor confidence plunged in February, when the company revealed it had lost daily users for the first time ever. Then in July, the company reported its first quarterly decline in revenue, as companies spooked by the economic outlook cut their advertising budgets. Prior to the firm's update, the value of Meta's shares had fallen 60% since the start of the year, wiping hundreds of billions off the company's value. They slid further on Thursday, after executives warned that recovery would take an improvement in the wider economy. Analyst Debra Aho Williamson of Insider Intelligence said the company was on "shaky legs when it comes to the current state of its business"."Mark Zuckerberg's decision to focus his company on the future promise of the metaverse took his attention away from the unfortunate realities of today: Meta is under incredible pressure," she said. Meta continues to generate large profits - nearly $4.4bn in the three months ended in September - and it has also fended off a decline in users.The company said 2.93 billion people were active on one of its platforms daily in the three months ended in September, up from 2.88 billion in the quarter before. Although the core Facebook platform is not adding users in the US or Europe, it continues to grow in other parts of the world.Despite its strengths, many investors fear the company has lost its way...... . Related contents: Stock Analyst Cries on TV Because He Recommended Facebook Stock Futurism Mad Money's Jim Cramer Apologizes for Being Wrong About Facebook Parent Meta After Stock Plunges Bitcoin.com 05:34 Fri, 28 Oct Stock indexes end mixed as Facebook parent company slumps Pittsburgh Tribune-Review US stock indexes end mixed as Facebook parent company slumps The Columbian, Washington 00:40 Fri, 28 Oct Meta stock: share price of Facebook, Instagram and WhatsApp parent company - 2022 fall in… National World 21:26 Thu, 27 Oct Meta spending slams Facebook stock, but here are the chip stocks that are benefiting MarketWatch 21:24 Thu, 27 Oct Facebook parent Meta stock plummets, CEO Zuckerberg sees net worth sink Fox News 20:53 Thu, 27 Oct Facebook Parent Meta Stock Plunges 24 Percent, Making Zuckerberg 'Poorer' by More Than $10 Billion The Epoch Times 20:19 Thu, 27 Oct Frequently Wrong TV Stock Pumper Jim Cramer Is Being Trounced For Crying On TV While Apologizing For Being Badly Wrong… Uproxx Facebook owner Meta's stock is plummeting. What's happening? Global News 16:59 Thu, 27 Oct Facebook parent Meta's profit halves hit by weak ad demand; stock plummets YourStory 10:15 Thu, 27 Oct Facebook parent Meta Q3 revenue, profit decline; stock tanks over 5% Zee Business 07:59 Thu, 27 Oct Facebook's Meta stock craters over bleak forecast, expensive metaverse bets Inquirer.Net 04:57 Thu, 27 Oct Robert Quinn goes to the Eagles, Facebook parent company Meta's stock tanks, and more trending news La Crosse Tribune, Wisconsin 04:31 Thu, 27 Oct Facebook in a world of hurt as Meta stock plunges USA Today 02:15 Thu, 27 Oct Meta Stock Crash Steepens As Facebook Parent Grapples With Recession Fears Forbes 23:56 Wed, 26 Oct Facebook earnings cut in half, Meta stock heads toward lowest prices in more than 5 years MarketWatch What do investors not see in Meta Platforms' (Facebook) stock price? FXstreet 17:29 Wed, 26 Oct Facebook may be 'lighting money on fire,' but Meta stock is still this bull's top pick MarketWatch 19:41 Thu, 13 Oct Facebook shares continue to tumble, prompting whispers of a stock 'death spiral' Daily Kos (Weblog) 18:21 Mon, 03 Oct Facebook scrambles to escape stock's death spiral as users flee, sales drop CNBC 16:04 Fri, 30 Sep Meta Platforms stock price: Will META shares bounce back after Facebook parent starts cost cuts? Capital Com . 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