Mark Zuckerberg's Meta said it would "aggressively" ramp up spending to stay competitive in the AI arms race, sending its stock down more than 10 percent in morning trading despite posting record revenue in the third quarter.

Mark Zuckerberg fell to fifth place on the Bloomberg Billionaires Index the lowest in nearly two years as investors spooked by Meta Platforms Incs planned $30 billion debt sale sent the companys shares spiraling.