Mark Zuckerberg Drops to Fifth Richest After $29B Meta Stock Loss

Mark Zuckerberg's net worth dropped by approximately $29.2 billion following Meta's third-quarter earnings report and its announcement of increased spending on artificial intelligence (AI). This plunge caused Meta's stock to fall over 11%, marking its steepest decline since 2022, and resulted in Zuckerberg slipping from third to fifth place on the Bloomberg Billionaires Index, now trailing Jeff Bezos and Larry Page. The earnings report showed earnings per share of $1.05, far below expectations, largely due to a one-time $15.9 billion tax charge linked to President Donald Trump's tax legislation, although revenue exceeded estimates. Despite the loss, Meta projects a significant reduction in federal tax payments in upcoming years and continues to invest aggressively in AI, planning up to $72 billion in capital expenditures by 2025. Zuckerberg defended these investments as critical for future AI advancements and aims to position Meta as a leading AI research lab. Investor concerns over heavy AI spending reflect market sensitivity to large tech investments, impacting Meta's valuation and Zuckerberg's billionaire ranking.