Home » Mark Zuckerberg falls to 7th place on billionaire list, as Meta saves Facebook founder from loss

Mark Zuckerberg falls to 7th place on billionaire list, as Meta saves Facebook founder from loss

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Mark Zuckerberg fell two places on the Bloomberg billionaire index in October, as he’s set to end the month as seventh richest man after changing Facebook’s name to Meta.

In the first week of October, Zuckerberg fell to fifth position, with Elon Musk, Jeff Bezos, Bernard Arnault and Bill Gates ahead of him, as his networth stood at $121.6 billion.

At the time, Musk was worth $210.6 billion, Bezos fortune was put at $185.7 billion, Arnault’s networth estimated at $153.3 billion, and Gates’ $124 billion.

Among these five billionaires, Ripples Nigeria noted only Zuckerberg’s fortune remained at the same level as at October 29, 2021, causing Larry Page and Sergey Brin to push the Meta founder to seventh.

Musk’s wealth climbed to $311 billion, Bezos retained his second position with $195 billion, Arnault maintained third with $167 billion fortune, Gates held $136 billion, while Page completed the top five list with $131 billion.

Brin’s wealth grew to $126 billion, past Zuckerberg’s networth estimated at $121 billion – this means his fortune recorded little or no change in one month.

Impact of Meta on Zuckerberg’s wealth

Following reports on October 18, that Zuckerberg plans to change Facebook Inc. name to Meta, investors reacted positively to the news, pushing the firm’s stock value from $339.64 to $339.99, Ripples Nigeria analysis shows.

This reflected on his wealth, which rose to $127 billion on the same day from $125 billion of October 18, and remained flat until it fell four days after to $121 billion as investors excitement faded, and fell to as low as $117 billion on October 27, following profit-taking in the market – two days after it stood at $123 billion.

But after October 28 reports that Facebook had finally rebranded to Meta – a word inspired by ‘Metaverse’, Zuckerberg’s new innovative path – the billionaire’s wealth rebounded, rallying to $118 billion same day, before settling at $121 billion the next day, as Facebook’s stock value closed at $323.57, in contrast to the $312.22 per share it closed at on October 27.

The post Mark Zuckerberg falls to 7th place on billionaire list, as Meta saves Facebook founder from loss appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

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