All is not great of a man who revolutionized social media. Mark Zuckerberg, the CEO of Meta Platforms Inc has seen his fortune plunge by $11 billion.
The company has reported a second-straight quarter of disappointing earnings. This has affected the net wealth of the CEO and has caused a wealth loss to more than $100 billion in just 13 months.
$100 Billion Wealth Loss
As per the Bloomberg Billionaires Index, Zuckerberg gas a net worth of $38.1 billion. His net worth took a massive nosedive from a peak of $142 billion in September 2021.
Zuckerberg is not alone, as other wealthy people have also seen their fortunes tumble this year. However, the Meta CEO seems to have been hit worst.
The company never posted a declining sales prior to 2022, the company’s revenue fell 4.5% from a year ago, the second consecutive quarterly drop.
Virtual Reality Causing Increasing Costs
As the company is on a spree to fund its version of virtual reality, the social media platform is facing ballooning costs.
Shares of Meta opened 25% lower Thursday in New York. The stock price of about $100, the lowest since 2016, compares with $382 at its peak.
Speaking about the focus of company on Metaverse, Zuckerberg said that “I get that a lot of people might disagree with this investment”.
Previous year the company changed its name from Facebook to Meta, Zuckerberg stood by the pivot, calling it “fundamentally important to the future.”
According to the latest proxy statement of company, the CEO holds more than 350 million shares in Meta.
At one point, he was third on the Bloomberg wealth index, trailing only Jeff Bezos and Bill Gates. As of Wednesday’s close, he ranked 23rd.
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