Over the last couple of days, billionaire Mark Zuckerberg hit his lowest evaluations as he officially fell from his status as 3rd richest man alive in July of 2021. The Facebook CEO was worth $125 billion at the beginning of the calendar year and that has fallen by over 70 billion with an economic downturn to just a $53 billion evaluation.
Meta Platforms Inc’s (FB.O) shares plunged more than 20% in one day in February after the social media company posted a weaker-than-expected forecast, blaming Apple’s privacy changes and increased competition for users from rivals like TikTok.
With March to April being the only rise in the stock, the company’s evaluation has continued to fall for months. Each stock of Meta Platforms cost $353 a year ago today, now you can buy the stock at just $139.
Billionaires Index 2022.
Gautam Adani gained $71.6 billion meanwhile Mark Zuckerberg lost $70.2 billion. pic.twitter.com/MaXo1pE2fD
— Marketing Maverick (@MarketingMvrick) September 20, 2022
Although a dramatic hit from a number perspective, Facebook’s CEO Zuckerberg only fell from the 3rd richest man, to now the 20th richest man.
The company has lost a lot of money due to dismal earning reports and frivolous spending, specifically on the “metaverse.”
“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 in May.
The company’s total revenue, the bulk of which comes from ad sales, rose to $33.67 billion in the fourth quarter from $28.07 billion a year earlier, according to IBES data from Refinitiv.
Mark Zuckerberg has lost $70 billion in net worth, bumping him down to 20th richest person in the world.
Facebook is currently losing roughly one million daily active users in the last quarter of 2021.#Facebook
— Pa Fofanah 🇸🇱 (@pa_fofanah) September 23, 2022
“I’m encouraged by the progress we made this past year in a number of important growth areas like Reels, commerce, and virtual reality, and we’ll continue investing in these and other key priorities in 2022 as we work towards building the metaverse,” CEO Mark Zuckerberg said in the earnings release.
Zuckerberg is attempting to use his status to influence Facebook’s position. He is becoming more casual, showing himself practicing mixed martial arts and appearing on a three hour episode of Joe Rogan’s podcast.
The podcast with Joe Rogan may have not created the media that Zuckerberg was looking for, but whether it be his self-exposure on the podcast or losing billions, this certainly hasn’t been Mr. Zuckerberg’s year.
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