The move to rebrand Facebook into Meta and the focus on Metaverse has not worked out well for Mark Zuckerberg in the short run as his net worth dropped by a massive $71 billion in 2022, according to the Bloomberg Billionaires Index. As a result, he dropped to his lowest spot in the list since 2014 as he is currently ranked 20th among all the global billionaires, according to Bloomberg.
In 2020, the Meta CEO had a net worth of around $106 billion with just Amazon founder Jeff Bezos and Microsoft founder Bill Gates ahead of him. With Facebook shares racing up to $382, Zuckerberg hit his peak in September 2021 when he had a net worth of around $142 million.
However, with the rebranding of his company and subsequent losses, his net worth has now fallen to $55.9 billion. In February 2022 alone, the Meta CEO lost $31 billion due to his company.
While the focus still remains on the Metaverse and its multiple applications, the reports showed that Facebook had no growth in monthly users prompting a steady fall in share prices.
When it comes to its core market, Meta has not performed as well as before and it has been beaten by TikTok on a number of key parameters. When it comes to other competition – Amazon, Apple, Google and Netflix to name a few – Facebook has once again not performed as well as before.
With the majority of Zuckerburg’s wealth coming from Meta, the lull in the company’s business has indeed turned out to be a headache for him and the new index will surely be a timely warning.