The presentation of Meta’s financial results in the third quarter, held yesterday (26), had a strong impact on the company’s value – and, of course, on Mark Zuckerberg’s fortune. At the opening of the NASDAQ, the American stock exchange, the company’s shares fell 25%, from US$ 129.87 and reaching $98.21, the lowest since 2016.
With this trick, the Goal it already accumulates a loss of US$ 677 billion in market value in 2022. In October of last year, the company was worth US$ 868.52 billion – today it has reached US$ 280.31 billion. As of this writing, the stock price is “stable” at around $100.
Mark Zuckerberg’s Fortune Devalues $100 Billion
Like all billionaires and millionaires in the world (excluding those who won the mega-sena), Zuckerberg’s fortune doesn’t stay in his checking, savings or under the mattress. That said, the CEO and founder of Meta didn’t actually lose $100 billion, but he saw his fortune devalue that whole amount.
Another impact of falling prices was that Meta left the ranking of the 20 largest companies in the world in share value. At the beginning of the year, she was in sixth position. Now in 26th place, Zuckerberg’s company trails oil company Chevron and Procter & Gamble, which owns brands such as Head & Shoulders and Oral-B.
The last time Meta shares went below $100, the company was still called Facebook. The reason, at the time, is that the values were growing and there was an oscillation.
Among tech, only Apple is “well”
Although Zuckerberg polarized the metaverse in his presentations, it is not correct to blame Meta’s shift to this technology for stock performance.
The presentation of the financial results for the third quarter showed that Meta had a drop in revenue and profit, in addition to maintaining strong investment in its products — including, yes, the metaverse. But market analysis companies expected the performance presented.
In the tech landscape, the vast majority of brands are having a hard time. Meta looks worse than the others, but she is also spending a lot more and hopes to recoup the value when (if) the metaverse become popular. But the drop in ad revenue is taking a toll on businesses — and the lack of ad clicks weighs heavily on the pocketbook.
Leaving aside the jokes with Zuckerberg and his obsession with the metaverse, in yesterday’s presentation he pointed out one of the reasons for the expected weak result: privacy changes in iOS impacted ad revenue. And not only Meta, Google and Snap, which released their results this week, are experiencing the same problem.
Who still has reason to celebrate among the big techs is Apple — even with iPhone 14 Plus issues — but the celebration was already bigger. At the beginning of the year, the Apple company was the first in history to exceed US$ 3 trillion in market value. Now it’s at $2.4 billion and shares are over $140.
In the coming days, more companies, including Apple itself, will present their results for the third quarter of 2022.