Mark Zuckerberg lost $70 billion in net worth, dropping him to 20th richest person in the world

Facebook CEO Mark Zuckerberg talks about

Facebook CEO Mark Zuckerberg speaks about “News Tab” at the Paley Center in New York City on October 25, 2019.AP Photo/Mark Lennihan

  • Meta CEO Mark Zuckerberg’s net worth has dropped $70 billion so far this year, a 55% drop.

  • Meta’s net income plummeted amid huge investments in the metaverse and a drop in user numbers.

  • Zuckerberg is now only the 20th richest person on the planet, far behind Elon Musk and Jeff Bezos.

Meta CEO Mark Zuckerberg’s net worth has plummeted by $70 billion so far this year, dropping him to the 20th richest person in the world, according to estimates.

Zuckerberg started the year with a fortune of $125 billion, according to Bloomberg’s Billionaires Index. But since then it has fallen to $55.3 billion, a drop of just over 55%, the data shows. Forbes puts his net worth at $53.4 billion.

Meta, which owns Facebook, Instagram, WhatsApp and Oculus, has had a tumultuous year since Zuckerberg announced it would become a “metaverse” company and then unveiled a massive rebrand last October. Facebook then reported its first-ever drop in user numbers, losing around one million daily active users in the last quarter of 2021.

The brand was also embroiled in controversy last fall when whistleblower Frances Haugen leaked information from internal company documents, including saying she had seen internal research that found Instagram was contributing to the unrest. diet and suicidal thoughts in adolescent girls.

Meta’s net profit fell 36%, or more than $3 billion, in the second quarter compared to the same period in 2021.

The company said in an April proxy statement that it spent about $10 billion on Metaverse investments in 2021, or about 50% of its capital spending. Meta said that as of April, more than 10,000 people are working on its metaverse projects.

“For us, the metaverse business isn’t really going to be a significant contributor to the business until at least much later in this decade, and probably realistically this decade is going to be about laying the groundwork for that, and then the 2030s will be really where it’s going to contribute a lot to the profits of this company,” Zuckerberg said at the company’s annual meeting of shareholders in May.

He added that successful companies should invest significantly in research and development “to help move the world forward”.

Meta has reduced hiring in 2022 amid an economic downturn that has affected the entire tech sector. Reuters reported that Meta had cut its engineering hiring target for this year by about a third.

Who else is on the rich list?

Tesla and SpaceX CEO Elon Musk tops the rich list by far, with Bloomberg putting his wealth at $268 billion.

Indian industrialist Gautam Adani, Amazon founder Jeff Bezos, French luxury mogul Bernard Arnault and former Microsoft CEO Bill Gates make up the rest of the top five.

At 20, Zuckerberg is right behind Jim, Rob and Alice Walton, the children of Walmart co-founder Sam Walton.

Read the original article on Business Insider

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