America: Mark Zuckerberg’s foray into the Metaverse has cost him dearly in the real world. This year has been tough for almost every billionaire in America. Zuckerberg, CEO of Meta Platforms Inc., has almost halved his net worth. His fortune has fallen to about $71 billion this year. His wealth has fallen the most among the super-rich segment tracked by the Bloomberg Billionaires Index, and he currently ranks 20th on the billionaires list with $55.9 billion. This is their lowest position since 2014 and they are behind three members of the Walton family and two members of the Koch family.
Two years ago, Zuckerberg’s net worth was $106 billion
Let us tell you that the 38-year-old Zuckerberg had a fortune of about $106 billion until two years ago. Only Jeff Bezos and Bill Gates were ahead of him in the list of global billionaires. His wealth peaked at $142 billion in September 2021. At that time, his company’s share price had reached $382. The following month, Zuckerberg launched Meta and changed the company’s name from Facebook to Meta Platform. From here the bad days of the company started and the bad performance of the company in the market continues. Currently, the company seems to be struggling to establish itself in the global market.
The number of Facebook users has not increased since February
The company’s recent earnings report has been disappointing. The company’s monthly Facebook users have not increased since February. The company’s stock has also seen a historic decline. After this, Zuckerberg’s net worth dropped by $31 billion in a single day, the largest one-day drop in net worth. Instagram’s bet on Reels in response to TikTok’s short-form video platform has also backfired. Overall, the company’s business has been affected by a reduction in marketing spend due to concerns about the economic slowdown from the industry.
The company’s shares are falling because of the investment in Metaverse
According to Laura Martin, senior Internet analyst at Needham & Company, the company’s investment in Metaverse is driving down its stock price. Zuckerberg himself has said he fears the project will cost the company a “significant” amount of money over the next three to five years.