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Internet marketing sluggishness, competitors from TikTok, and growing skepticism concerning the Metaverse led to a disappointing third-quarter earnings report Oct. 26 for Meta (META) .
Shares closed Oct. 27 at $97.94, the bottom closing worth for the inventory since 2016. It was down 24.6% for the day. For the yr, Meta shares are down an astonishing 61%.
That is on the heels of a continuing stream of losses in internet value for Meta CEO Mark Zuckerberg since a excessive of $142 billion in September 2021. That worth shrunk to $37.7 billion in keeping with new Oct. 27 information from Bloomberg Billionaires Index. That is a loss in internet value for Meta CEO Mark Zuckerberg of greater than $100 billion in 13 months.
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