Mark Zuckerberg’s fortune has plummeted by $71 billion this year: Here’s why

Meta founder Mark Zuckerberg has fallen to the bottom of the world’s billionaire lists since 2014 after his fortune was halved.

Zuckerberg is currently ranked 20th among all global billionaires, according to Bloomberg, which valued him at $54.6 billion. The tech leader, who was once the third richest person in the world, slipped to 22nd on the Forbes billionaires list. The outlet said his net worth was $52.8 billion.

Zuckerberg’s net worth began falling earlier this year after the record-breaking plunge in Meta stocks, which hold the majority of his wealth. Since Facebook went meta nearly a year ago, its stock has reportedly lost about 60% of its value.

Other tech billionaires have also suffered losses this year. But Zuckerberg was the biggest loser, according to CBS News. The outlet reported that “not even crypto CEO Changpeng Zhao has seen an erasure on the scale of Zuckerberg.”

Bloomberg reported that Zuckerberg has lost a massive $71 billion this year.

Previously, Zuckerberg said Meta is fighting rivals, including TikTok. Other issues impacting the company included a loss of signal from Apple’s iOS changes, slowing e-commerce growth, and the war in Ukraine.

Last year, Meta divided its business into two categories: Family of Apps and Reality Labs. The former includes Facebook, Instagram and Messenger while the latter focuses on building the social media platform of the future.

“Over the next several years, our goal from a financial perspective is to generate sufficient growth in operating income from Family of Apps to fund the growth of investments in Reality Labs while increasing our overall profitability,” Zuckerberg said in an earlier this year Facebook post.

Meta reportedly plans to use three main investment priorities to drive growth: Reels, Ads, and the Metaverse.

Zuckerberg, who owns nearly 13% of Meta, first became a billionaire at the age of 23.

As for how he spends his fortune, Zuckerberg has in his investment portfolio millions worth of properties in California and Hawaii.

Zuckerberg also invests millions of dollars in the Chan Zuckerberg Initiative, an organization he co-founded with his wife, Priscilla Chan.

The Chan Zuckerberg Initiative received $18 billion in funding to focus on “personalized learning, healing disease, connecting people and building strong communities.”

In December 2015, Zuckerberg and his wife pledged to give away 99% of their meta stake over their lifetime.

Facebook Chairman and CEO Mark Zuckerberg testifies at a House Financial Services Committee hearing in Washington, U.S., on Oct. 23, 2019. Reuters/Erin Scott

Related Articles Mark Zuckerberg’s fortune has plummeted by $71 billion this year: Here’s why

Fry Electronics Team

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