Tech giant CEO Mark Zuckerberg lost $18 billion in net worth Thursday after Meta ended the day down nearly 11% in the wake of the Facebook-parent forecasting higher expenses for its artificial intelligence plans.
Meta closed at $441.38, losing about $170 billion in market cap.
Revenue was down while the company raised its forecast for expenses by $5 billion to up to $40 billion on products to support its AI infrastructure. Meta also announced another $5 billion in investment to its AI projects.
Thursday's losses dropped Zuckerberg well below Elon Musk on the Bloomberg Billionaire index. The bulk of Zuckerberg's $157.2 billion fortune is tied to his stake in Meta.
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