Mark Zuckerberg loses billions; here’s what went wrong!

Meta CEO Mark Zuckerberg has suffered the biggest blow of recent times, losing $29 billion in a single day after Meta’s shares plunged more than 11%.

According to the Bloomberg Billionaires Index, Zuckerberg’s net worth is down to $235 billion, knocking him from third to fifth place among the world’s richest people.

This severe drop came after Meta announced plans to level up its artificial intelligence (AI) spending, warning that its capital expenditure could soar to as high as $118 billion this year.

That massive figure alarmed investors, who fear Meta’s aggressive AI investments could squeeze profit margins.

Notably, several analysts downgraded the company’s stock rating, triggering widespread sell-offs across tech shares.

However, Elon Musk, the world’s richest person, wasn’t spared either as his wealth dropped by $15.3 billion, bringing his total net worth down to $457 billion.

Moreover, Oracle’s Larry Ellison lost nearly $19.8 billion, though he still holds second place globally with an estimated $317 billion fortune.

For those unversed, Meta’s stock had been one of the top gainers this year, rising 28% and adding $57 billion to Zuckerberg’s net worth.

That said, the sudden reversal shows how fragile tech fortunes remain amid the AI gold rush.