\n
Mark Zuckerberg\u2019s 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.<\/p>\n
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.<\/p>\n
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\u2019s shares reached $382. Last month, Zuckerberg started Meta and changed the company\u2019s name to Facebook Inc, and it\u2019s been largely downhill from there, as it struggles to find a foothold in the tech universe.<\/p>\n
Mark Zuckerberg\u2019s recent earnings report has been disappointing. It began in February when the company saw a historic drop in its share price and plunged Zuckerberg\u2019s fortune by $31 billion when the company showed no growth in monthly Facebook users.<\/p>\n
This was the biggest one-day fall in the asset so far. Other issues include Instagram\u2019s bet on the reels, and TikTok\u2019s 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.<\/p>\n
Project will lose a significant amount<\/h2>\n
The company\u2019s 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.<\/p>\n
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\u2019s 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.<\/p>\n<\/p><\/div>\n
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