Meta’s Q2 earnings miss and plunging free cash flow triggered a single-day $18 billion drop in CEO Mark Zuckerberg’s net worth.
Meta Platforms (NASDAQ: META) shares fell 8% following second-quarter results, wiping $18 billion from CEO Mark Zuckerberg’s net worth. The decline extended a losing streak, leaving the stock down 9% year to date.
Earnings per share dropped 13% year over year to $6.18, while free cash flow plunged 91% to $784 million. Heavy spending on artificial intelligence projects fueled investor concerns, echoing past missteps with metaverse investments.
Shares rebounded slightly post-earnings but remain under pressure amid broader market skepticism over Meta’s long-term growth strategy.