The CEO of Facebook and Meta, Mark Zuckerberg has lost more than half of his wealth and fortunes in recent months according to a business report by Forbes.
The record shows that Zuckerberg lost about $76 billion from September 2021 to date. Some of the losses the Facebook CEO faces are attributed to several factors including competitors and his investment in Meta stock.
The loss by Mr. Zuckerberg has cost him his position at the top of the richest men in the world. In the recent release of The Forbes 400 list of the U.S. wealthiest people, Zuckerberg who previously stood at no. 3 has fallen to No. 11 with just about $57.7 billion worth. This is the first time Zuckerberg has dropped from the top 10 since 2015.
"Zuckerberg has lost more than half his fortune—a staggering $76.8 billion—since September 2021, dropping him from No. 3 on The Forbes 400 list of the U.S.’ wealthiest people to No. 11. Worth $57.7 billion on this year’s list, which used stock prices from September 2, Zuck trails Walmart heir Jim Walton, former New York City mayor Michael Bloomberg and other tech moguls such as ex-Microsoft CEO Steve Ballmer and Google founders Sergey Brin and Larry Page. No one in America has lost as much money over the past year as Zuckerberg." Forbes stated.
Meta quarterly revenue began to decline in July at a 1% drop to $28.8 billion. Experts attribute the decline to partnership and affiliate service factors like 2021 Apple's privacy policy update which makes it harder for companies in the technological world to track users across apps, thereby affecting Meta's ads sale.
Meta quarterly revenue began to decline in July at a 1% drop to $28.8 billion. Experts attribute the decline to partnership and affiliate service factors like 2021 Apple's privacy policy update which makes it harder for companies in the technological world to track users across apps, thereby affecting Meta's ads sale.
The inability of Facebook to track its data from ads sale is thought to be one of the reasons for Zuckerberg's loss because Facebook makes most of its money from the sale of ads which requires user tracking.
Besides changes in affiliate tech policies, Mark Zuckerberg's Meta in February reported seeing a decline in daily active users. This was attributed to the rising competition from other social media and tech companies like TikTok.
Mark Zuckerberg became a billionaire in 2008 after founding Facebook. He was recorded as the youngest billionaire at the time when he was 23 years old.
Meanwhile, Meta has recently updated its services to beat its competitors. For instance, Facebook and Instagram started short video trending services known as reels. Experts believe the reels were introduced to counter TikTok which is thought to be one of the main competitors in the industry.
Moreover, most of Mark Zuckerberg's revenue is invested in Meta stock including his new development of Meta Video Reality (VR) which will soon be set for launching and public utilization. Therefore, there is hope that the CEO will rise again to the apex of the economic and financial ladder.
Besides changes in affiliate tech policies, Mark Zuckerberg's Meta in February reported seeing a decline in daily active users. This was attributed to the rising competition from other social media and tech companies like TikTok.
Mark Zuckerberg became a billionaire in 2008 after founding Facebook. He was recorded as the youngest billionaire at the time when he was 23 years old.
Meanwhile, Meta has recently updated its services to beat its competitors. For instance, Facebook and Instagram started short video trending services known as reels. Experts believe the reels were introduced to counter TikTok which is thought to be one of the main competitors in the industry.
Moreover, most of Mark Zuckerberg's revenue is invested in Meta stock including his new development of Meta Video Reality (VR) which will soon be set for launching and public utilization. Therefore, there is hope that the CEO will rise again to the apex of the economic and financial ladder.
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