Mark Zuckerberg with severe loss: assets shrink by half

Meta and Facebook boss
Sharp loss at Mark Zuckerberg: assets shrink by half

Meta and Facebook boss Mark Zuckerberg

© Mark Lennihan/AP/DPA

Until recently, Mark Zuckerberg was one of the richest people in the world; the Meta and Facebook boss owned a three-digit billion amount. However, he had to accept a bitter loss: He lost half his fortune.

The boss of Facebook and its parent company Meta, Mark Zuckerberg was less than two years ago one of the richest people in the world. Only Tesla boss Elon Musk and Microsoft founder Bill Gates owned an even larger fortune.

But now the 38-year-old has fallen significantly on Bloomberg’s global billionaire ranking. Because his fortune has halved this year. In numbers, this means: Mark Zuckerberg has lost $71 billion – the largest loss under the Bloomberg ranking.

The Meta and Facebook boss’s net worth is now $55.9 billion, which puts him back in 20th place among the world’s billionaires. For Zuckerberg, this is the lowest level of wealth since 2014. Ahead of him in the ranking are about three children of Walmart founder Sam Walton and two members of the Koch Industries family.

Mark Zuckerberg: Competition with Tiktok brings him big losses

After peaking at $142 billion in September 2021, Mark Zuckerberg began to lose money. The following month he founded Meta and changed Facebook’s name. Since then, he’s emerged as a loser in the tech universe — and has seen some of his fortune dwindle.

Last February, his company reported no growth in Facebook users, prompting its share price to take an historic plunge. Zuckerberg, whose fortune is mostly in meta stocks, lost $31 billion in one day. This is one of the biggest fortune losses ever. Other reasons for his extreme fortune loss are in the Tiktok copy Reels. Because the Instagram app, which belongs to Meta, is now focusing on short video clips. However, this brings less advertising revenue.

Investments in the Metaverse, a form of the virtual world, also weighed on the stock, according to senior internet analyst at Needham & Company Laura Martin. Meta is about winning back Tiktok users, she says.

Because the group is doing worse economically this year than Apple, Amazon and Google’s parent company Alphabet, which also recorded a decline in profits. The second biggest loser here is Amazon founder Jeff Bezos with a loss of 46 billion US dollars. He is currently ranked #3 on the list with a net worth of $142 billion. At number 2 is newly-comed Indian businessman Gautam Adani with a net worth of $144 billion. He is now richer than Jeff Bezos or Warren Buffett. Elon Musk is still at the top by a clear margin with a net worth of 262 billion US dollars.

Sources: Bloomberg (1), Bloomberg (2)

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