Tech stocks took a beating this year, giving back pandemic-era gains and forcing Silicon Valley giants to lay off thousands and cut back on costs.
Meta has seen the value of its stock dip by more than 65% from the start of this year. As of Tuesday, it was trading at around $117 a share.
The company, which is pivoting from its bread-and-butter business model of relying on advertising on its social media platforms Facebook and Instagram, has burned through its cash reserves as part of Zuckerberg’s massive bet on the metaverse.earned $4.4 billion, or $1.64 per share , in the three-month period that ended Sept. 30. That’s down 52% from, $9.19 billion, or $3.22 per share, in the same period a year earlier.
Revenue fell 4% to $27.71 billion from $29.01 billion, slightly higher than the $27.4 billion that analysts had predicted.Sergey Brin, co-founder of Google, has lost tens of billions of dollars in the last year.Page and Brin, who are no longer with the company on a day-to-day basis, still own a special class of voting shares. As of Tuesday, Page was the 10th richest person in the world with a net worth of $83.8 billion,Gates is the fourth richest person in the world.
Ballmer was the eighth-richest person in the world as of Tuesday. His net worth was valued at $85.5 billion, according to Bloomberg Billionaires Index.
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