Eva Mathews and Nivedita Balu

(Reuters] -Mark Zuckerberg suffered a $29 billion net loss on Thursday. Meta Platforms Inc saw a record-breaking one-day drop, and fellow billionaire Jeff Bezos would add $20 billion to his personal worth after Amazon’s (NASDAQ:).

Meta stock plunged 26% and erased more than $200 Billion in what was the largest single-day market loss for an American company. Forbes estimates that Zuckerberg’s net worth fell to $85 Billion as a result.

Zuckerberg controls 12.8% (NASDAQ:) of the tech company that was formerly Facebook.

According to Refinitiv data, Bezos is the founder and chairman Amazon’s e-commerce company. Forbes lists him third in wealth.

Amazon’s Holiday Quarter Profit soared due to Rivian’s investments in electric vehicles. The company announced it would increase the annual Prime subscription prices in America. It sent its shares up 15% during extended trading, and was ready for its largest percentage gain in five years on Friday.

Forbes says that Bezos’ net worth increased 57% from the previous year to $177billion in 2021. This is largely due to Amazon’s rise during the pandemic. People were heavily dependent upon online shopping.

Zuckerberg’s single-day wealth loss is one of the largest ever. It follows Elon Musk (NASDAQ:) Inc’s November $35 billion paper loss. Musk (the world’s wealthiest person) had then surveyed Twitter (NYSE.:) users to determine if 10% should be sold from his stake in electric carmaker. Tesla shares are still reeling from the selloff.

Zuckerberg, who lost $29 billion, is now in the 12th position on Forbes’ Real-Time Billionaires List, behind Gautam Adani and Mukesh Ambani, Indian businessmen.

Trading in technology stocks is volatile because investors are unable to accurately price the effect of inflation rising and expected increases in interest rates. Meta shares may recover faster than Zuckerberg expected, and Zuckerberg’s wealth will not be affected.

Zuckerberg bought Meta shares in the amount of $4.47 billion last year before 2021’s tech crisis. These stock sales were made as part of a 10b5-1 trading plan that executives used to address concerns regarding insider trading.