A month after reaching a net worth of $ 142 billion, Mark Zuckerberg launched Meta and made several announcements regarding augmented reality and virtual reality in 2022.
Mark Zuckerberg lost about $ 71 billion of his fortune in 2022, despite refocusing on the booming metaverse market. Although many people are making money in the metaverse business, it appears that Mark Zuckerberg’s foray cost him some of his fortune. This is despite Facebook’s venture into AR and VR products and its name change to Meta, while the entire tech space in the US is going through a tough year.
Currently, Mark Zuckerberg is ranked 20th on the Bloomberg Billionaires Index after losing half of his fortune in 2022. Data shows he is now worth $ 55.3 billion. His value places him at the lowest level since 2014 and below three Waltons and two members of the Koch family. It’s such a breakthrough for Zuckerberg, who joined an elite group of global billionaires less than two years ago. The Facebook executive joined the group, which only included Jeff Bezos and Bill Gates, when it was worth $ 106 billion. His fortune peaked at $ 142 billion in September 2021, when his company’s stock jumped to $ 382. Today, Meta Platforms’ stock has dropped significantly and is currently trading at around $ 148.
Zuckerberg sees $ 71 billion disappear from his net worth in 2022.
A month after making a fortune of $ 142 billion, Zuckerberg launched Meta and made several AR and VR announcements in 2022. However, there were only negative impacts from the name change. Meta is on the decline, and Facebook said in February that it hadn’t seen an increase in the number of new users. All of this resulted in a decline in the company’s shares and a loss for the CEO. At the time, he lost $ 31 billion, one of the biggest falls in luck in a single day.
According to Needham & Co analyst Laura Martin, Meta’s investments in the metaverse are impacting its stocks and Zuckerberg, whose wealth has declined significantly since the name change. The analyst says Facebook needs to win back its users from TikTok, which has more than a billion users. Furthermore, she feels that Meta is suffering from a “excessive control and regulatory intervention.“
Down nearly 56% since January, Meta ranks as the worst performer among its FAANG peers. With the exception of Netflix, which has fallen nearly 60% since the beginning of the year, its counterparts FAANG, Apple, Amazon and Google, have lost no more than 30% in 2022. Meta is down 0, 89% at $ 146.71 in pre-market price. The company plummeted 58.59% in the past year and lost 5.75% in the past three months. Meta also fell 8.12% and crashed by more than 3% in the past five days.
Bloomberg Intelligence analyst Mandeep Singh also commented on Mark Zuckerberg’s decline in fortune in 2022. He believes Meta can still avoid losses by working around its other businesses like Instagram and WhatsApp. Analysts added that the company could have been better off had it not entered the VR space.