Eduardo Saverin loses US$4.3 billion and Brazil has a new richest man

RIO DE JANEIRO, BRAZIL – The fall of Facebook shares by more than 25% sent the fortune of Brazil’s former richest man plummeting. Eduardo Saverin lost US$4.3 billion, more than R$22 billion, and now has a net worth of US$13.3 billion.

As a result, Brazil now has a new leader on the list of wealthiest people: Jorge Paulo Lemann with US$16.1 billion – an old acquaintance on the list, mind you, as he had been at the top for some time.

Facebook shares fell sharply yesterday after the results, including a mix of bad news: The company, lost more than a million users in the United States and Canada alone.

Political censorship, arrogance, and hubris finally caught up with the company.

The crash was so severe that Mark Zuckerberg was dropped from the list of the ten richest men in the world, losing nearly US$30 billion. He is now only the 12th richest man on the planet.

Meta, as Facebook is now called, lost US$200 billion, which was the most significant one-day loss of any company in history. The amount is so high that it exceeds the value of 452 of the 500 most valuable companies in the entire United States, which make up the S&P 500.

In addition to lower advertising capacity, Facebook suffers from competition from companies like Tik Tok – and Zuckerberg complaining about the “unprecedented” competition.