Mark Zuckerberg has already lost more than half of his fortune this year, losing $71 billion since the beginning of this year alone, due to the decline in the number of users on the Meta platform.
The Facebook founder is now ranked 20th on the Bloomberg Billionaires Index and 22nd on the Forbes Index, with a net worth of $55.3 billion, according to 2oceansvibe News.
While the value of Zuckerberg’s wealth reached its peak in September of last year (2021), when it reached 142 billion dollars, according to the site.
Low subscriber count
Much of the loss can be attributed to “meta,” according to Bloomberg. After his company’s shares reached $382 in September 2021, Zuckerberg changed the company’s name from “Facebook” to “meta,” and it dropped significantly from those the moment.
Its latest earnings reports have been bleak as they began in February, when the company revealed a lack of growth in its monthly users, leading to a historic crash in its share price and slashing Zuckerberg’s fortune by $31 billion, among the largest single-day wealth declines ever.
Then Instagram’s Reels, the platform’s desperate response to TikTok, reportedly caused financial trouble for the company.
This feature performed poorly in terms of ad revenue, as many people preferred to use the original video-sharing platform instead of the fake Insta feature.
Meta, Facebook (iStock)
Laura Martin, chief internet analyst at Needham & Co, said the company’s shares were down due to investments in Metaverse.
Zuckerberg himself expected the project to lose “significant” amounts of money in the next three to five years.