Meta CEO Mark Zuckerberg saw nearly $9 billion wiped from his estimated fortune in a single day.
Zuckerberg’s estimated net worth fell by about $8.9 billion to $257.5 billion on Friday, according to Forbes data cited by Yahoo Finance. Meta shares dropped around 4 percent during the session.
The decline came just one day after Meta shares had gained 4.5 percent, extending a powerful September rally. The company’s stock had climbed roughly 36 percent during the month before Friday’s fall.
Goldman Sachs warned that major AI companies, including Meta, may need to generate around $300 billion in annual AI services revenue just to cover their capital spending, while significantly higher revenue would be required to generate meaningful profits.
Meta has been investing heavily in AI while pushing its new Muse assistant. The AI product has gained significant attention, including reaching the top of major app-store rankings, helping drive the company’s recent share-price surge.
Despite Friday’s decline, Meta remains close to a $2 trillion market valuation, while Zuckerberg remains among the world’s wealthiest people.
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