Meta CEO Mark Zuckerberg’s fortune has fallen by $70 billion this year.
With the decline in assets, Mark Zuckerberg has reached number 20 on the list of the richest people in the world, according to the billionaire index. According to the Bloomberg Billionaires Index, Mark Zuckerberg’s wealth at the beginning of 2022 was $125 billion to $55.3 billion, a decline of more than 55%. Forbes estimates $53.4 billion.
Facebook Instagram Meta, which owns WhatsApp and Oculus, underwent a major product rebrand in October 2021, aiming to transform itself into a metaverse company. During the next 12 months, Meta went through a stormy period. For the first quarter of 2021, Facebook reported a decline in the company’s daily user base.
Meta’s brand has also been hurt by Frans Hogan’s revelations about internal research that suggests Instagram can lead teenage girls to eating disorders and suicidal thoughts. Meta’s net income fell 36% (more than $3 billion) in the second quarter from the same period in 2021.
Another factor affecting the company’s fortunes is that it spent around $10 billion on Metaverse projects in 2021. This is around 50% of the company’s capital expenditure. Last April, Meta said it employed more than 10,000 people on the company’s Metaverse projects. Reuters reports that the company has cut hiring this year and will cut its targeting of engineers by a third as the economic downturn hits the tech sector as a whole.
In the current list of the world’s richest people, Tesla and SpaceX CEO Elon Musk is the richest with $268 billion, followed by Indian industrialist Gautham Adani. Amazon founder Jeff Bezos French luxury goods boss Bernard Lanot and Microsoft founder Bill Gates remain in the top 5.
Meta boss Mark Zuckerberg is in 20th place. Reports also state that the company Meta will end up losing more in the next year due to the Metaverse project.