Mark Zukerberg lost close to 71 billion dollars this year Slips Out of Top-Twenty Wealthiest List
Mark Zuckerberg, the founder of Facebook (formerly known as Meta), has dropped fourteen places and is no longer among the twenty richest individuals on the planet. This marks his exit from the list. This year, Meta’s founder suffered a loss of nearly 71 billion dollars. At the beginning of this year, the founder of Meta held the number six spot on the aforementioned list. According to estimates, his fortune is currently valued at approximately 56 billion dollars. Since 2014, Zuckerberg’s position on the list has dropped to its lowest point.
Because of his involvement in the meta world, Zuckerberg has seen a reduction in his riches in recent years. The company, once known as Facebook, which changed its name to Meta in October 2021, has had a difficult time moving forward. The business showed no signs of expansion throughout the month of February of this calendar year. As a result of this, the price of Meta’s shares reached a level that was previously unattainable. Mark Zuckerberg’s wealth dropped by about 31 billion dollars in one day.
The company’s initial investment in Metaverse is one of the other factors that contributed to the creator of Meta’s fortune deteriorating over time. A proxy statement indicates that Mark Zuckerberg is the owner of more than 350 million shares of the Metaverse company. The competition that Meta has with tik-tok is also to blame for the company’s losses. According to the rumors, Zuckerberg anticipates that the initiative would incur a significant amount of losses in the next three to four years. According to Laura Martin, the senior internet analyst at Needham & Co., the company’s investments in the metaverse is another factor that is contributing to the stock’s decline. According to Zuckerberg, he anticipates that the initiative would incur “substantial” sums of financial loss over the next three to five years.
According to the reports, the corporation with its headquarters in California is one of the most profitable in the industry in the year 2022. In terms of losses, it performs better than Apple, Amazon, and Alphabet Inc., which each posted losses of 14%, 26%, and 29% correspondingly. According to the reports, the business is only second to Netflix, which has recorded a loss of sixty percent so far this year. If it hadn’t had a fall, several analysts believe that Meta would have been on par with other prominent firms, like alphabet, by this point. If Meta were to decide to spin out its other operations, including WhatsApp and Instagram, analysts believe the company may find a way to turn a profit once more.
In recent months, Zuckerberg has made an effort to rebrand Meta. He just recently published a video of himself doing some form of martial arts training. It was said that he made the announcement on one of the podcasts that he worked as a product designer. It is speculated that Meta will combine virtual reality and augmented reality to demonstrate an immersive experience. In the year 2020, Mark Zuckerberg had the third spot on this list. When that year came around, the number 38 was only a few years behind Jeff Bezos and Bill Gates.