Amazon Founder Just Earned Rs 1.5 Lakh Crore In One Day! Amazon Breaks Record In Single Day Earning!
In what has been an eventful day for the world’s wealthiest, Jeff Bezos’ net worth jumped nearly $19 billion after Amazon shares soared thanks to a strong fourth-quarter earnings report.
Chain Of Events
Amazon stock rose up to 13% after it reported its earnings and other steps it is taking such as hiking the price of its Prime membership in the US.
In response, Bezos’ net worth jumped to $183.5 billion.
Bezos owns 12.7% of Amazon.
His net worth had risen 57% to $177 billion in 2021 following booming business for Amazon due to the pandemic catering to people confined indoors.
Meta’s Steep Dive
In contrast, Meta CEO Mark Zuckerberg saw his net worth take a dive.
Zuckerberg owns about 12.8% of Meta.
Meta is going through quite the rough patch as evidenced by its disastrous fourth-quarter earnings late Wednesday.
Daily Users Decline For First Time
It reported that its user numbers declined for the first time in its history last quarter.
In Q3 of 2021, it reported an average of 1.93 billion active users.
This number shrank to 1.929 billion over the last three months of 2021- a loss of roughly 1 million users over that period.
Setting The Wrong Records
Following this, Facebook stock plunged 22% in premarket trading.
It suffered the largest valuation wipeout in one day in US stock market history, losing roughly $251 billion in market capitalization.
Consequently Zuckerberg’s net worth plummeted $31 billion in a day to end up around $90 billion.
Facebook’s Position Under Threat
Facebook is also facing tough competition from short video content platforms such as TikTok which is pulling in millions of young audiences who spend hours on the app.
To counteract TikTok’s popularity, Facebook will direct its focus on Reels which is its short-form video feature on Instagram which closely resembles TikTok.