Mark Zuckerberg loses $29bn overnight as people abandon Facebook

The founder of Facebook Mark Zuckerberg has lost about $29billion due to people leaving Facebook for other apps such as TikTok. Due to the loss Mark Zuckerberg’s net worth has reduced and making lost a spot on the top 10 richest people in the world according to Forbes.

Currently, its believed Zuckerberg’s on-paper fortune is estimated to be $84.8 billion making him the 12th richest person according to Forbes world’s richest individuals.

The cause of his fall is from Meta shares which fell by more than 26% on Thursday. The value of the fall of meta share is about $232 billion in value.

Facebook reported 1.929 billion daily users in the fourth quarter, down from 1.93 billion users the previous quarter.

Zuckerberg said during an earnings call on Wednesday afternoon that he will blame the decline in user activity in part on increased competition from rival platforms such as TikTok.

“People have a lot of choices for how they want to spend their time and apps like TikTok are growing very quickly”.