Mark Zuckerberg’s net worth is $71 billion

Mark Zuckerberg’s Metaverse has cost him dearly in the real world. Even the wealth wiped out from the CEO of Meta Platforms Inc. stands out in a rough year for nearly every American tech titan.

Due to this, his fortune has been halved and then some $71 billion has fallen so far this year. His net worth ranks 20th among global billionaires with a net worth of $55.9 billion, the most among the ultra-rich as tracked by the Bloomberg Billionaires Index, his lowest position since 2014 and among three members of the Walton and Koch family. is behind.

It was less than two years ago that Zuckerberg, 38, had a net worth of $106 billion and only Jeff Bezos and Bill Gates were leading the big fortunes among an elite group of global billionaires. His wealth peaked at $142 billion in September 2021, when the company’s shares reached $382. Last month, Zuckerberg started Meta and changed the company’s name to Facebook Inc, and it’s been largely downhill from there, as it struggles to find a foothold in the tech universe.

Mark Zuckerberg’s recent earnings report has been disappointing. It began in February when the company saw a historic drop in its share price and plunged Zuckerberg’s fortune by $31 billion when the company showed no growth in monthly Facebook users.

This was the biggest one-day fall in the asset so far. Other issues include Instagram’s bet on the reels, and TikTok’s response to the short-form video platform, even though it is low in advertising revenue, while the industry overall has been hit by lower marketing spending due to concerns about the economic slowdown.

Project will lose a significant amount

The company’s investment in the Metaverse is also pulling the stock down, says Laura Martin, senior internet analyst at Needham & Co. Zuckerberg said he expects the project to lose a significant amount of money over the next three to five years.

Meanwhile, Meta has to get these users back from TikTok. Martin says it is also hampered by excessive regulatory scrutiny and interference, adding that the California-based company Menlo Park is performing worse in 2022 than most of its FAANG peers. That’s down about 57% this year, Apple Inc. For 14%, Amazon.com Inc. 26% and Google parent Alphabet Inc. for much more than a drop of 29%. Meta is also narrowing the gap with Netflix Inc in its 2022 loss, which is down nearly 60 per cent.