Zuckerberg drops out of top 20 richest list, as Facebook founder loses over N1tn

The founder of Meta Platforms, Mark Zuckerberg, dropped out of the top 20 richest list after his overall net worth decreased as a result of a negative outlook for the business that compelled shareholders to sell their shares.

According to information received from Forbes, Zuckerberg was one of the top 15 richest persons on Monday, but following trading hours on Tuesday on the US capital market, he fell to position 21. Zuckerberg founded the social networking site Facebook.

He lost N1.30 trillion ($3.1 billion). This represents 5.03% of Zuckerberg’s wealth, which declined to $57.9 billion, down from the $60 billion the billionaire was estimated to worth on Monday.

In October, it was reported that the Harvard dropout was among the top five richest people, with only Elon Musk, Jeff Bezos, Bernard Arnault, and Bill Gates listed as first to fourth.

Zuckerberg now has 20 people ahead of him due to the slump in Meta share, which has depreciated by -52.54% year-to-date, and lost -5.20% after Tuesday’s trading, to sell at $160.68, in contrast to the $338.54 per share in the first week of January.

Meanwhile, as Zuckerberg drops out of the top 20 billionaire list, Elon Musk, both of whom have a long standing feud, has maintained his top spot, despite losing over $70 billion since he crossed $300 billion in November 2021.