Mark Zuckerberg net worth dropped by $11 billion after his company, Meta Platforms Inc., revealed a second consecutive quarter of dismal results. This brought Zuckerberg’s total wealth loss to over $100 billion in just 13 months.
According to the Bloomberg Billionaires Index, Zuckerberg, who is 38 years old, has a net worth of $38.1 billion at the present time. This represents a staggering decline from his highest net worth of $142.1 billion in September of 2021. While the fortunes of many of the world’s richest people have decreased over the course of this year, the chief executive officer of Meta has taken the single most drop among those who are included on the wealth list.
After never having a quarter with dropping sales until the year 2022, Meta’s revenue experienced a 4.5% year-over-year decline, the second consecutive quarterly dip. While this is going on, the social media platform is funding its own version of virtual reality, which is causing its prices to skyrocket. Thursday’s trading in New York began with a 25% drop in the price of Meta shares. The stock price is currently under $100, which is the lowest it has been since 2016; this compares to its all-time high of $382.
In reference to the company’s emphasis on the metaverse, Mark Zuckerberg was quoted as saying, “I know that a lot of people could disagree with this investment.” A year ago, the firm situated in Menlo Park went from being known as Facebook to being known as Meta. He maintained his support for the pivot and referred to it as “fundamentally crucial to the future.”
Meta Slides Down and Out Of The World’s Top 20 Stocks List https://t.co/2JP3GvAyy7 pic.twitter.com/LzZeZi5nYG
— Matt Navarra (@MattNavarra) October 27, 2022
According to the most recent proxy statement provided by the firm, Mark Zuckerberg has ownership of more over 350 million shares of Meta. At one point in time, he held the third spot on the Bloomberg wealth index, falling behind only Jeff Bezos and Bill Gates. As of the end of play on Wednesday, he was ranked 23rd.
Analysts are lowering their price targets for $META due to increased spending in 2023.https://t.co/hJmc6RLj5R
— Benzinga (@Benzinga) October 27, 2022
What do you think about our post? Leave a comment below.
Add this page NogMagazine.Com to your bookmark for more updates.
Jessa Martin is the author of Nogmagazine, A professional in writing by day, and novelist by night, she received her bachelor of arts in film from Howard University and her master of arts in media studies from the New School. A Brooklyn native, she is a lover of naps, cookie dough, and beaches, currently residing in the borough she loves, most likely multitasking.