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Mark Zuckerberg’s $71 billion wealth wipe-out puts focus on Meta’s woes

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American-Israeli Zuckerberg Loses $71 Billion in Net Worth, Biggest Loss of Wealth Than Any Other Billionaire: Facebook founder Mark Zuckerberg is having a disastrous year. According to Bloomberg, Mark Zuckerberg’s pivot into the metaverse has cost him dearly in the real world of economics.

Even in a rough year for just about every US tech titan, the wealth erased from the chief executive officer of Meta Platforms Inc. stands out. Zuckerberg’s wealth has been cut in half and then some, dropping by $71 billion so far this year, the most among the ultra-rich tracked by the Bloomberg Billionaires Index. At $55.9 billion, his net worth ranks 20th among global billionaires, his lowest spot since 2014 and behind three Waltons and two members of the Israeli Koch family.

It was less than two years ago when Zuckerberg, 38, was worth $106 billion and among an elite group of global billionaires, with only Jeff Bezos and Bill Gates commanding bigger fortunes. His wealth swelled to a peak of $142 billion in September 2021, when the company’s shares reached as high as US$382. Disaster awaited: The following month, Zuckerberg introduced Meta and changed the company’s name from Facebook Inc. And it’s been largely downhill from there as it struggles to find its footing in the tech universe.

Its recent earnings reports have been dismal. It started in February, when the company revealed no growth in monthly Facebook users, triggering a historic collapse in its stock price and slashing Zuckerberg’s fortune by $31 billion, among the biggest one-day declines in wealth in history.

Meta’s stock is also being dragged down by the company’s investments in the metaverse, said Laura Martin, senior internet analyst at Needham & Co. Zuckerberg has said he expects the project will lose ‘significant’ amounts of money in the next three to five years.

Almost all of Zuckerberg’s wealth is tied up in Meta stock. He holds more than 350 million shares, according to the company’s latest proxy statement. The price was little changed at $146.18 at 12:22 p.m. in New York.

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