Social media empire Facebook has not been faring well since its transformation into Meta. In its bid to create the virtual world of The Metaverse, CEO Mark Zuckerberg is rapidly losing his wealth.
With Meta’s Metaverse development losing billions of dollars, it’s easy to see how the CEO’s wealth is dwindling. However, that’s not the only thing cutting Zuckerberg’s worth.
Mark Zuckerberg loses half his wealth
Reported by Bloomberg, Meta CEO Mark Zuckerberg has lost half of his wealth this year alone. The CEO has stated that he prepares to lose “significant money” on creating the virtual world, but is it becoming too much?
Half of the CEO’s wealth has disappeared this year; in February, he lost over $30 billion in a single day. Across 2022, the billionaire has lost $71 billion, and not all can be attributed to the Metaverse.
While the Metaverse is the biggest point of contention, losing billions every quarter, there are more issues at the company. However, with the failures and poor reception of Metaverse, it’s certainly the biggest issue at hand.
With this recent plummet, Mark Zuckerberg is now the poorest he’s been since 2014. Keep in mind, the Meta CEO is still impossibly rich with a net worth of $55.9 billion. This puts him as the 20th richest person in the world.
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Why else is he losing money?
Alongside the financial black hole that is The Metaverse, Zuckerberg’s issues spread across Meta as a whole. For example, February 2022’s earnings report revealed that social media platform Facebook had received zero growth for the quarter.
Furthermore, the company’s other popular social media Instagram has been seeing its own issues. With social media use moving towards TikTok, more are interested in short-form video instead of static images.
In recent months, Instagram has attempted to combat TikTok’s success with Reels, a carbon-copy of the platform. However, that has not been successful in the slightest, turning fans of Instagram away.
While Meta could likely find some investment to mitigate this tremendous loss, it does spell trouble for the Zuckerberg empire. Is all lost for the tech giant?