(RepublicanInformer.com)- Mark Zuckerberg’s fortune has fallen by $71 billion, or almost half of his total wealth, this year alone. This suggests that his insistence on reorienting Facebook (formerly known as Meta) to concentrate on a digital metaverse is costing him dearly.
According to Bloomberg, Facebook CEO Mark Zuckerberg may regret his shift toward the metaverse as his wealth drastically declines. Every American tech tycoon has seen some of their money disappear, but Mark Zuckerberg has been hit worse than others. According to the Bloomberg Billionaires Index, Zuckerberg’s worth has been slashed and decreased by $71 billion.
With a net worth of $55.9 billion, Zuckerberg is currently ranked 20th among all billionaires worldwide, his lowest position since 2014, after three Waltons and two Koch family members.
Only Jeff Bezos and Bill Gates are worth more than Mark Zuckerberg’s 71 billion. He was one of an exclusive club of billionaires less than two years ago, with a net worth of $106 billion. In September 2021, when Facebook shares rose to $382, Zuckerberg’s personal wealth surpassed $142 billion.
After changing Facebook’s name to Meta, Zuckerberg revealed that the firm would concentrate on creating a virtual metaverse. Since then, things have generally gone south for Zuckerberg and the business as he struggles to persuade people that using VR headgear to work, socialize, and live online is the future of the internet.
Facebook disclosed in February that its monthly user base has stagnated, leading to a historic decline in the company’s stock price and a $31 billion loss in Zuckerberg’s net worth. Instagram, a Facebook app, has also been trying to place a wager on Reels, a TikTok rival, even though it generates less advertising revenue and many users are unhappy with the platform’s shift towards video.
According to Laura Martin, senior internet analyst at Needham & Co., the company’s investment in the metaverse has also hurt the stock price. According to Zuckerberg, the initiative will experience a “substantial” financial loss in the upcoming three to five years.