Zuckerberg has been knocked to the 20th wealthiest spot.
Last year, social media giant Facebook underwent a major rebranding as a CEO Mark Zuckerberg pursued his newfound dream of the so-called “metaverse.” In the time since then, however, not only has relatively little of that dream been achieved, but the pursuit has cost both Zuckerberg and his company billions of dollars.
According to Bloomberg’s Billionaires Index, Meta’s various misfires and misfortunes this year have resulted in approximately $70 billion being shaved off of Zuckerberg’s personal net worth, a 55% drop-off. These losses have knocked Zuckerberg down the ladder of the planet’s richest individuals, leaving him around 20th place. Meta itself isn’t fairing much better, dropping from its estimated value of $125 billion at the beginning of 2022 to around $55.3 billion on the heels of lost users, security controversies, and a lack of progress on the metaverse front.
— New York Post (@nypost) September 20, 2022
“The metaverse business for us isn’t really going to be a meaningful contributor to the business until at a minimum much later in this decade, and probably realistically this decade is going to be about setting the foundation for that and then the 2030s are really where this is going to contribute a lot to the profits of this company,” Zuckerberg said during the company’s annual shareholder meeting back in May.