Mark Zuckerberg’s decision to rebrand Facebook as Meta and put more of an emphasis on Metaverse did not go well in the short term, as evidenced by the sharp $71 billion decline in his net worth in 2022, as per the Bloomberg Billionaires Index.
He now ranks 20th among all billionaires worldwide, which is his lowest position on the list since 2014, according to Bloomberg.
The only two people ahead of the Meta CEO in terms of net worth in 2020 were Microsoft founder Bill Gates and Amazon founder Jeff Bezos.
In September 2021, with Facebook shares surging to $382, Zuckerberg reached his wealthiest point, with a net worth of over $142 million.
But as a result of his company’s rebranding and subsequent losses, his net worth has now dropped to $55.9 billion. The CEO of Meta alone lost $31 billion as a result of his business in February 2022.
While the Metaverse and its many applications continue to be the centre of attention, reports indicated that Facebook’s monthly user base did not increase, which led to a gradual decline in share prices.
Given that Meta accounts for the majority of Zuckerburg’s fortune, the company’s commercial slump has been a pain for him, and the new index will undoubtedly serve as an opportune alert.
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