The mega market hammering suffered by Facebook parent Meta on Thursday– it recorded its worst-ever 26% crash and suffered a $230-billion erosion in market capitalisation — had a silver lining for the two richest Indians. As Facebook founder Mark Zuckerberg lost nearly $31 billion in networth, Mukesh Ambani and Gautam Adani moved ahead of him in the world’s rich list, Forbes data showed.
On Thursday, Forbes Real Time Billionaire Index put the total net worth of Adani at $91.1 billion, and that of Ambani at $89.2 billion. In comparison Zuckerberg was at $82.9 billion.
According to data from Bloomberg, however, Zuckerberg was ahead of the two Indians at $89.6 billion, while Ambani was at $89.2 billion and Adani at $87.4 billion. Ambani and Adani are also the two richest people in Asia.
The Meta stock crashed after the company said that technology major Apple’s new data-sharing policy for all its devices made it difficult for Facebook to mine and use the data for expanding its businesses.
During an earnings call, Zuckerberg said that Apple’s App Tracking Transparency policy, which was introduced in mid-2021, would cut $10 billion out of Meta’s earnings this year. Subsequently Meta’s stock price crashed 18% in Wednesday’s post-market trade and finally closed Thursday’s regular session down 26%. This also wiped off about $230 billion of Meta’s market capitalisation to $668 billion. In early trade on Friday, the stock was down another 2.2% with its market capitalisation further down at $649 billion, Bloomberg data showed.
Tesla chief Elon Musk remains the richest person on Earth on both the lists, with a networth of about $230 billion .
In recent months, several technology stocks have been under selling pressure, mainly because of rising inflation and expectations of a rate hike by the US Federal Reserve. Historical data show that whenever inflation rises, companies usually tend to cut costs, with spending on new software acquisition and upgrades being reduced. Earlier this month, the US Fed chief said its rate setting committee is almost certain to hike interest rates after retaining it near zero for about two years.
On Thursday, Forbes Real Time Billionaire Index put the total net worth of Adani at $91.1 billion, and that of Ambani at $89.2 billion. In comparison Zuckerberg was at $82.9 billion.
According to data from Bloomberg, however, Zuckerberg was ahead of the two Indians at $89.6 billion, while Ambani was at $89.2 billion and Adani at $87.4 billion. Ambani and Adani are also the two richest people in Asia.
The Meta stock crashed after the company said that technology major Apple’s new data-sharing policy for all its devices made it difficult for Facebook to mine and use the data for expanding its businesses.
During an earnings call, Zuckerberg said that Apple’s App Tracking Transparency policy, which was introduced in mid-2021, would cut $10 billion out of Meta’s earnings this year. Subsequently Meta’s stock price crashed 18% in Wednesday’s post-market trade and finally closed Thursday’s regular session down 26%. This also wiped off about $230 billion of Meta’s market capitalisation to $668 billion. In early trade on Friday, the stock was down another 2.2% with its market capitalisation further down at $649 billion, Bloomberg data showed.
Tesla chief Elon Musk remains the richest person on Earth on both the lists, with a networth of about $230 billion .
In recent months, several technology stocks have been under selling pressure, mainly because of rising inflation and expectations of a rate hike by the US Federal Reserve. Historical data show that whenever inflation rises, companies usually tend to cut costs, with spending on new software acquisition and upgrades being reduced. Earlier this month, the US Fed chief said its rate setting committee is almost certain to hike interest rates after retaining it near zero for about two years.
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