Facebook's parent, Meta, recorded the biggest decline in valuation in the history of the US stock market, which was USD 237.6 billion. Mark Zuckerberg's wealth also plummeted. There were even reports that he looked like he had been crying over it.
Zuckerberg lost $29.8 billion in a day, following the fall in the value of Meta shares on Thursday. He immediately held a meeting with employees to discuss the big challenges faced by his company.
As quoted by us from the Independent, Zuckerberg reportedly came with red eyes and wore glasses, so he was called crying. But he denied it and said his eyes were red from being scratched, not because he was shedding tears to mourn Meta's current situation.
On that occasion, Zuckerberg said that the popularity of competing applications, especially TikTok, had an impact on Facebook. Facebook parent Meta has warned revenue growth may slow due to reduced advertising and stiff competition.
"People have a lot of options to spend their time with and apps like TikTok have grown tremendously," said Mark Zuckerberg.
Zuckerberg himself has been thrown from the ranks of the top 10 richest people in the world. But it should be noted that he is still very rich with an estimated fortune of USD 87.6 billion at this time.
To fight TikTok, Facebook has actually introduced a similar service, namely Reels on Instagram. But so far it seems, Reels has not been able to match the might of TikTok.
Mark Zuckerberg also pins his hopes on the world of the metaverse which he believes will soon become the future of the internet world. In Meta, people can meet, play or buy things virtually, just like in the real world.