Mark Zuckerberg’s net worth slashed by more than half this year

Mark Zuckerberg’s net worth has been slashed by more than half this year, ousting him from the highest ranks of the world’s richest as his company Meta struggles by means of an id disaster, in keeping with up to date calculations.

Zuckerberg, 38, has lost a whopping $71 billion in on-paper wealth since January – a interval by which shares of the Facebook father or mother dropped to recent lows. His net worth is now estimated to be $55.9 billion.

That makes Zuckerberg No. 20 on the checklist of the world’s richest people on the Bloomberg Billionaires Index — his lowest position since 2014. The Facebook creator began the year ranked sixth.

That’s a far cry from May 2020, when Zuckerberg was simply behind Jeff Bezos and Bill Gates because the world’s third-richest man with a net worth of $87.7 billion. Last September, his wealth swelled to an all-time excessive of $142 billion, touchdown him in fifth place just under titans like Elon Musk, Bezos, Bernard Arnault and Gates.

The Post has reached out to Meta for remark.

The downward trajectory started shortly after Zuckerberg introduced that Facebook would rebrand itself as Meta and shift its focus towards the metaverse. The costly initiative price Meta $10 billion in investments final year alone and was broadly panned by the general public, in addition to some company workers, in keeping with experiences.

The metaverse push is only one headache for Zuckerberg, whose company has confronted renewed congressional scrutiny since whistleblower Frances Haugen testified about Instagram’s dangerous impression on the psychological well being of teenagers final fall.

The company can be contending with stagnating person development on its platform throughout a time of stiff competitors from rival social media platforms reminiscent of TikTok. In July, Meta reported the primary quarterly income decline in its historical past because it contended with the fallout of a world financial slowdown and a struggling advert gross sales division.

All these elements have resulted in headwinds for Meta, Laura Martin, senior web analyst at Needham & Co., informed Bloomberg. She famous that the company is coping with “excessive regulatory scrutiny and intervention” and “has to get these users back from TikTok.”

Shares of Meta are down almost 60% since January. Most of Zuckerberg’s wealth is tied to his stock holdings. Meta has carried out worse than the tech-heavy Nasdaq index, which is down 27% over the identical interval.

Meta’s person development has stagnated.
Getty Images

In February, Zuckerberg lost about $30 billion of his on-paper fortune in a single day.

Meanwhile, Meta has enacted cost-cutting measures because the financial outlook worsens, together with a hiring slowdown. On June 30, Zuckerberg bluntly knowledgeable workers that the company can be “turning up the heat” in a bid to oust employees “who shouldn’t be here.”

In the identical all-hands meeting, Zuckerberg reportedly grew visibly annoyed after fielding a question from an worker about trip time.

Earlier this month, Bill George, a senior fellow at Harvard Business School, argued that Zuckerberg was “continuing to derail” Facebook.

George famous that Zuckerberg “got rid of his team” and commenced “chasing money” moderately than correctly give attention to his business. He additionally accused the Meta boss of surrounding himself with sycophants moderately than straight-talking advisers.

“He has Sheryl Sandberg there. He had some senior mentors on the board. He pushed them all out,” George informed Yahoo Finance. “He’s acquired a bunch of younger individuals which can be more like Mark’s followers.

“It’s too bad that Mark is really derailing right in real time,” he added. “And I think, frankly, the wealth went to his head. Once you start chasing money, being the wealthiest guy around — we have seen the dangers of that.”

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