Meta Shares Skid on Report Company Earns from Scam Ads

Shares of Meta slipped after Reuters reported that the tech giant projected about 10% of its revenue would come from running advertisements for scams.

The stock plunge wiped around $5 billion from Mark Zuckerberg’s fortune. (Photo: Mark Zuckerberg Facebook) 

The stock plunge wiped around $5 billion from Mark Zuckerberg’s fortune, dropping him to No. 6 in the ranking of the world’s richest people — down from No. 3 early last week, Forbes Daily reported.

Ripple, the company behind the world’s fourth-largest cryptocurrency, XRP, raised $500 million in a funding round backed by Wall Street giants, giving it a $40 billion valuation.

The deal also boosts cofounder Chris Larsen’s net worth to an estimated $13.8 billion and makes CEO Brad Garlinghouse a new billionaire, as the company seeks to reinvent itself as a conglomerate after drawing ire from regulators.

Los Angeles-based HeyGen, which provides businesses with tools to create marketing videos, has reached $100 million in recurring revenue, the firm said.

It’s part of a rapidly expanding market for AI-generated video, which is projected to reach $42 billion by 2033, up from $3.9 billion last year.