TechCentralTechCentral
    Facebook Twitter YouTube LinkedIn
    Facebook Twitter LinkedIn YouTube
    TechCentral TechCentral
    NEWSLETTER
    • News

      The great crypto crash: the fallout, and what happens next

      22 June 2022

      Winter 1, Eskom 0

      22 June 2022

      What it will take to bring the Guptas to justice

      22 June 2022

      Inflation in South Africa spikes higher

      22 June 2022

      Eskom announces massive escalation in load shedding

      22 June 2022
    • World

      Tether to launch a stablecoin tied to the British pound

      22 June 2022

      Tech giants form metaverse standards body, without Apple

      22 June 2022

      There are still unresolved matters in Twitter deal, Musk says

      21 June 2022

      5G subscriptions to top one billion in 2022: Ericsson

      21 June 2022

      Crypto lenders face a DeFi drubbing

      21 June 2022
    • In-depth

      Goodbye, Internet Explorer – you really won’t be missed

      19 June 2022

      Oracle’s database dominance threatened by rise of cloud-first rivals

      13 June 2022

      Everything Apple announced at WWDC – in less than 500 words

      7 June 2022

      Sheryl Sandberg’s ad empire leaves a complicated legacy

      2 June 2022

      Tulipmania meets the real economy at WhatsApp speed

      30 May 2022
    • Podcasts

      How your organisation can triage its information security risk

      22 June 2022

      Everything PC S01E06 – ‘Apple Silicon’

      15 June 2022

      The youth might just save us

      15 June 2022

      Everything PC S01E05 – ‘Nvidia: The Green Goblin’

      8 June 2022

      Everything PC S01E04 – ‘The story of Intel – part 2’

      1 June 2022
    • Opinion

      Has South Africa’s advertising industry lost its way?

      21 June 2022

      Rob Lith: What Icasa’s spectrum auction means for SA companies

      13 June 2022

      A proposed solution to crypto’s stablecoin problem

      19 May 2022

      From spectrum to roads, why fixing SA’s problems is an uphill battle

      19 April 2022

      How AI is being deployed in the fight against cybercriminals

      8 April 2022
    • Company Hubs
      • 1-grid
      • Altron Document Solutions
      • Amplitude
      • Atvance Intellect
      • Axiz
      • BOATech
      • CallMiner
      • Digital Generation
      • E4
      • ESET
      • Euphoria Telecom
      • IBM
      • Kyocera Document Solutions
      • Microsoft
      • Nutanix
      • One Trust
      • Pinnacle
      • Skybox Security
      • SkyWire
      • Tarsus on Demand
      • Videri Digital
      • Zendesk
    • Sections
      • Banking
      • Broadcasting and Media
      • Cloud computing
      • Consumer electronics
      • Cryptocurrencies
      • Education and skills
      • Energy
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Motoring and transport
      • Public sector
      • Science
      • Social media
      • Talent and leadership
      • Telecoms
    • Advertise
    TechCentralTechCentral
    Home»Sections»Investment»In one day, Zuckerberg loses $29bn, Bezos set to pocket $20bn

    In one day, Zuckerberg loses $29bn, Bezos set to pocket $20bn

    Investment By Agency Staff4 February 2022
    Facebook Twitter LinkedIn WhatsApp Telegram Email
    Jeff Bezosops

    Mark Zuckerberg lost US$29-billion (R442-billion) in net worth on Thursday as Meta Platforms’ stock marked a record one-day plunge, while fellow billionaire Jeff Bezos was set to add $20-billion (R305-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 US company. That pulled down founder and CEO 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

    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 US, sending its shares up 15% in extended trading and readying it for its biggest percentage gain since October 2009 on Friday.

    Bezos’s 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 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 car maker. Tesla shares have yet to recover from the resulting selloff.

    Tumbling down

    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.  — Eva Mathews, Akash Sriram and Chavi Mehta, (c) 2022 Reuters

    Amazon Elon Musk Facebook Jeff Bezos Mark Zuckerberg Meta Meta Platforms
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email
    Previous ArticleNuclear board ‘not allowed’ to have atomic opponents: Mantashe
    Next Article Africa’s biggest crypto exchange eyes US expansion

    Related Posts

    The great crypto crash: the fallout, and what happens next

    22 June 2022

    Winter 1, Eskom 0

    22 June 2022

    What it will take to bring the Guptas to justice

    22 June 2022
    Add A Comment

    Comments are closed.

    Promoted

    More than card machines – iKhokha diversifies to reach more SMEs

    22 June 2022

    What does it cost to be a student in 2022?

    22 June 2022

    Rugged PCs bring AI to the edge in industrial settings

    21 June 2022
    Opinion

    Has South Africa’s advertising industry lost its way?

    21 June 2022

    Rob Lith: What Icasa’s spectrum auction means for SA companies

    13 June 2022

    A proposed solution to crypto’s stablecoin problem

    19 May 2022

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2022 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.