Mark Zuckerberg Drops To Sixth-Richest After Meta Stock Slides

Core Insights - Meta's shares declined by 2.3% to approximately $620.75, contributing to a total drop of about 17.5% over the past week, following a significant one-day decline of over 11% after the third-quarter earnings report [1][4] - Mark Zuckerberg's net worth decreased by $4.6 billion (2.1%) due to the drop in Meta's stock price, affecting his ranking among the world's wealthiest individuals [2][4] Revenue Projections and Scams - Internal documents indicated that Meta projected 10% of its overall revenue, estimated at $16 billion, would come from advertisements for scams and banned goods [3] - Meta's spokesperson stated that the documents presented a selective view and that the internal estimates were lower, including many legitimate ads [3] - The company is reportedly under investigation by the Securities and Exchange Commission for running ads related to financial scams [3] Earnings Report and Financial Impact - Meta's third-quarter earnings report showed earnings per share of $1.05, which was 84% below economists' projections, attributed to a one-time tax charge of $15.9 billion [4] - Without the tax charge, earnings per share would have been $7.25, and the company raised its capital expenditure guidance to between $70 billion and $72 billion [4]