The wipeout follows Meta’s second straight quarterly revenue drop
The fortune of Facebook founder Mark Zuckerberg has plummeted by $100 billion so far this year, Bloomberg reported on Friday, noting the decline was the biggest among the world’s wealthiest individuals tracked by its Billionaires Index.
“Meta’s chief executive officer has seen the single-biggest hit among those on the wealth list,” the media outlet wrote.
Zuckerberg’s current net worth of $38.1 billion makes him the 28th richest person in the world, a “stunning fall” from a peak of $142 billion in September 2021. Less than two years ago, the tech tycoon was ranked third after Jeff Bezos and Bill Gates.
The 38-year-old’s wealth has been on a predominantly downward trajectory since he changed the company’s name from Facebook to Meta. The businessman holds more than 350 million shares in Meta, according to the company’s latest proxy statement, cited by Bloomberg.
Zuckerberg’s push into Metaverse, a virtual world accessible through goggles or glasses, has led to an avalanche of criticism, while still requiring billions of dollars every year to complete.
Meta, which has been struggling due to a drop in online advertising revenue, competition from TikTok, and increasing uneasiness and skepticism about the future of Metaverse, reported disappointing third-quarter earnings on Wednesday. The reported revenue of $27.7 billion, is a 4.5% decline from a year ago and the second consecutive quarterly drop for the company. Zuckerberg’s firm has never posted declining sales prior to 2022.
Meta warned that the fourth quarter would be more of the same, with weaker than expected revenue of around $30 billion.
Since the start of the year, Meta shares are down by more than 61%. They closed almost 25% lower on Thursday at $97.94 a share. At its peak in September 2021, the company’s stock price reached as high as $382 per share.
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