Zuckerberg's Net Worth Plummets $8.9B as Meta Shares Fall on AI Spending Concerns
Meta Platforms shares took a sharp turn on Friday, falling by about 4% and causing Mark Zuckerberg's estimated net worth to plummet by $8.9 billion.
The decline moved Zuckerberg from fourth to sixth place on Forbes' Real-Time Billionaires list, which tracks the fortunes of the world's wealthiest individuals in real-time.
Meta shares had climbed 4.5% a day earlier, with investor interest boosted by the launch of Meta's Muse personal AI assistant.
Goldman Sachs raised concerns about the scale of capital spending by AI hyperscalers, including Meta, Microsoft, Alphabet, Amazon, and Oracle.
The investment bank estimates that these companies would need to generate around $300 billion in annual AI services revenue to break even on their capital spending, a figure that would need to reach about $1 trillion annually for the companies to generate meaningful profits.