According to a new report by Bloomberg, Mark Zuckerbeg has lost $71 billion so far this year. Bloomberg noted it was the biggest decline noted among the world’s wealthiest individuals that are tracked by the company’s Billionaire’s Index, and exceeded the GDP of 120 companies.
Presently worth $55.9 billion, Zuckerberg’s net worth places him 20th among the richest people on the planet. It was a significant drop from two years ago, when he was worth $106 billion, and was the third richest person, only behind Bill Gates and Jeff Bezos.
Zuckerberg’s wealth peaked at $142 billion in September of 2021, but it began to decline as he changed the company’s name from Facebook to Meta, and began to pursue the development of Metaverse-related products.
Growth in monthly users stalled at zero in February, triggering a record decline in the company’s stock price and causing $31 billion in Zuckerberg’s net worth to evaporate. The company’s investment in Reels, which it had hoped would prove to be a competitor to TikTok, has proven disappointing in terms of its advertising revenue.
In addition, the company’s steep investments in the Metaverse have failed to pan out so far, according to Laura Martin, senior internet analyst at Needham.
Nearly Zuckerberg’s entire net worth is composed of Meta stock, with the CEO holding over 350 million shares. The price of Meta stock was down 1.3% to $146.09 at the end of trading Tuesday.
The Daily Financial Trends