Facebook CEO Mark Zuckerberg has dropped off Forbes top 10 list of billionaires to number 12 after shares in Facebook’s owner Meta fell 26 percent on Thursday when the markets closed.

Many people deleted Facebook on Thursday due to networking problems as his company faces an unprecedented level of competition from Tiktok which is owned by a Chinese company Bytedance.

On Wednesday, the 37-year old billionaire was the world’s seventh wealthiest person with a net worth of $113.1 billion but dropped to position 12 only because of the closure of the market on Thursday.

Zuckerberg warned that he might cry from a scratched eye during a virtual Company-wide meeting on Thursday after the social media giant lost $237 billion- the biggest single-day loss ever recorded.