According to Bloomberg, Mark Zuckerberg’s personal worth has decreased by $71 billion alone in 2022. Even if Wall Street has had a difficult year overall, Zuck’s money has suffered the greatest decrease of all the billionaires.
Zuckerberg is still the 20th richest person on the Bloomberg Billionaires Index, but his overall net worth has dropped to $54 billion. He was fourth in January 2022, and third less than two years prior.
Since 2022’s beginning, several of the well-known tech millionaires have seen their fortunes decline. All of the billion-dollar losers this year include Jeff Bezos, Larry Page, Sergey Brin, Steven Ballmer, Bill Gates, Larry Ellison, and Elon Musk.
This is due to the fact that tech equities as a whole have declined this year; however, Meta has experienced some of the biggest reductions. The business experienced revenue declines in the second quarter of 2022 for the first time ever since its founding.
There are several causes for this demise.
First of all, Meta is up against fierce competition from its younger rivals, especially TikTok, which has been successful in attracting a younger and more active audience.
Second, there have been numerous high-profile scandals on social networks in recent days. In 2018, the Facebook-Cambridge Analytica data scandal sparked significant privacy and data protection concerns. More recently, whistle-blowers have come forward to criticize some of the company’s activities.
Not to mention, the company’s ambitious ambition to introduce the metaverse has so far been somewhat of a failure. In order to “represent its focus on constructing the metaverse,” a virtual reality setting that connects all of the company’s products, Facebook changed its name to Meta Platforms in October 2021.
Despite investing enormous amounts of money and resources in this ambitious endeavor, Meta has not been able to get people’s attention. Many people have made fun of the metaverse’s shoddy visuals, while others have gone so far as to call the project “dystopian” and dangerous for humanity.