According to Bloomberg’s Billionaires Index, Mark Zuckerberg has seen about half of his wealth, about $55 billion, evaporate since the beginning of the year. Since he changed the name of his company Facebook to Metaverse in October 2021, he has lost $71 billion. On the list of richest billionaires, Zuckerberg has tumbled from sixth place at the beginning of this year to twentieth place.
The decline in Meta’s share price is the main reason. Other tech billionaires have also seen their wealth decline, but their losses are much smaller. For example, Elon Musk, the richest of them all, lost ‘only’ $2.5 billion this year. Amazon founder Jeff Bezos (third place) lost $44.4 billion and Microsoft founder Bill Gates 26.2 billion.
Mark Zuckerberg’s net worth peaked at about $140 billion in September 2021. A month later, he announced the transformation of Facebook to Meta, with the aim of shifting the company’s focus to the ‘Metaverse’, a digital world characterized by augmented and virtual reality.
However, at the beginning of February, the Meta share suffered a major blow to the stock market. As a result of weak quarterly results and gloomy prospects, as much as 25 percent fell in one go. The growing competition from the popular app TikTok also played a role, according to Zuckerberg.