Blog Post

Ritelink Blog > News > BUSINESS > Mark Zuckerberg’s net worth drops by nearly £62 billion as the value of Meta shares drops

Mark Zuckerberg’s net worth drops by nearly £62 billion as the value of Meta shares drops

The Facebook founder and Meta CEO’s net worth has plummeted this year by more than £62billion ($71bn) as his company’s move towards the metaverse has cost him a fortune – and many users

Following his company’s transition towards the metaverse, Mark Zuckerberg’s worth has decreased by approximately £62 billion this year.

Zuckerberg is currently the 22nd richest person alive, down from his position as the third-richest man in the world two years ago, behind only Jeff Bezos and Bill Gates.

That’s because his firm, Meta, has seen a sharp decline in stock value since changing its name from Facebook in the fall of last year.

Zuckerberg’s fortune also hasn’t been helped by the exodus of users from his social networks. An earnings report in February revealed that Facebook gained no new users for the first time in its history in the previous three months.

That report triggered the first major collapse in Zuckerberg’s fortune, when Meta’s stock price falling caused him to lose £27billion ($31bn) in a single day.

Zuckerberg receives $1 (87p) from Meta as a salary every year. Instead, almost all of his wealth comes from Meta stock, with him owning more than 350 million shares in the company he founded.

He has previously said he expects Meta’s metaverse projects to lose ‘significant’ amounts of money over the next three to five years.

The company’s top-secret metaverse VR headset was actually leaked this month when it was discovered left behind in a hotel room.

The headset appeared a month before Meta’s Connect event, when Zuckerberg is expected to announce its new kit for use in the metaverse.

The metaverse is a concept referring to a 3D social internet, combining technologies like VR and augmented reality with social media.

The headset appeared a month before Meta’s Connect event, when Zuckerberg is expected to announce its new kit for use in the metaverse.

The metaverse is a concept referring to a 3D social internet, combining technologies like VR and augmented reality with social media.

Leave a comment

Your email address will not be published.