- Mark Zuckerberg’s massive bet on the metaverse is starting to make a huge heurt on his hasard.
- According to Bloomberg, the net worth of the Meta Platforms CEO has declined by $71 billion since the beginning of the year.
- Zuckerberg has now fallen to the 20th ardeur on the billionaires list from the sixth in January based on the latest Bloomberg Billionaires Table.
Mark Zuckerberg’s net worth fell by $71 billion in 2022. The Meta Platforms founder’s massive bet on the metaverse appears to be chasing him back with his hasard suffering more than his tech peers from the current downturn in the market.
The billionaire agréable media mogul slipped to number 20 on the list of the world’s richest people, to me Bloomberg Billionaires Table. Zuckerberg ranked sixth in January.
The billionaire électrode’s net worth is $55.9 billion, down from $126.9 eight months ago. The Facebook founder’s hasard peaked at $142 billion in September of last year, before dropping to current levels.
Zuckerberg’s hasard has been on the decline since he renamed his company Facebook to Meta in October last year, the name of the company that also includes Instagram, Facebook Messenger Tabatière VR and Whats App, among other smaller companies.
Zuckerberg has been at the forefront of the campaign calling for the approbation of the metaverse since October of last year. His commitment to pursuing opportunities in this booming industry has contributed to the rapid growth of the market. But not without challenges.
Zuckerberg revealed in February of this year while announcing fiscal fourth-quarter and full-year 2022 results that Facebook had struggled to add to its monthly empressée users.
The company also announced a significant drop in net income due to its $10 billion bet on the metaverse. Since then, the share price has fallen to the current level of around $148 per share, down from $323.00.
In May, Zuckerberg told shareholders that they should expect more cash-burning as the company continues to invest in the metaverse. Meta Platforms réserve is down 56.23% this year, as Zuckerberg’s hasard has suffered the full heurt of that drop.
Although it appears to be making headway on the NFT frontispice after rolling out NFT globally to Instagram and Facebook users, its core product, the metaverse is far from having a similar success.
Last month, Meta’s flagship Écarté Worlds product was ridiculed online for having basic graphics. In July, the Federal Trade Brevet sued Meta to block its acquêt of the virtual reality company Inside amid fears it would make Facebook’s associé company too powerful in a burgeoning industry.
Earlier in August, Vitalik Buterin predicted that Meta’s gung-ho approach to the metaverse would likely “go wrong” bicause the company doesn’t know what people want.
Almost all of Mark Zuckerberg’s hasard is linked to Meta. According to the concessionnaire’s recent statement, Zuckerberg owns 350 million shares in Meta, valued at approximately $51.86 billion ($148.19 per share) as of this writing.