ByTy Roush,
Forbes Staff.
Roughly $25 billion was cut from Mark Zuckerberg’s net worth as Meta shares dropped by more than 10% on Thursday, pacing what would be the company’s largest single-day loss this year after a tax charge lowered Meta’s quarterly earnings well below Wall Street’s forecasts.
Shares of Meta fell 12.3% to around $658.50 after the bell rang Thursday morning, the largest intraday loss for the stock since a 24.5% decline in October 2022.
Meta on Wednesday reported third-quarter earnings per share of $1.05, 84% below economists’ projections of $6.72, according to FactSet, despite revenue of $51.2 billion, above estimates of $49.5 billion.
