Mark Zuckerberg lost over $100 billion in a year due to the Metaverse project
Mark Zuckerberg’s fortune decreased by $11 billion after Meta Platforms Inc. published a report for the second quarter of this year. In total, over the past 13 months, Zuckerberg has lost more than $ 100 billion, writes bloomberg.com
The publication reported that today Zuckerberg is the owner of $ 38.1 billion, according to the Bloomberg Billionaires Index and recalls that a year ago he had $ 142 billion – as of September 2021.
The reason is that Meta Corporation’s revenue fell by 4.5% compared to last year. A quarter earlier, analysts also noted a drop in revenue. The media recalls that until 2022, the company’s revenue has never declined.
The problem is also that the costs of the corporation are skyrocketing due to the project of the virtual universe – the so-called Horizon Worlds metaverse. While there have been many claims that other companies are buying up virtual land and virtual real estate there right now, Meta’s shares sank 25% on the New York Stock Exchange Thursday. The share price is about $100, the lowest since 2016. Previously, the shares were worth $382 apiece.
According to the company’s latest official statement, Mark Zuckerberg owns over 350 million Meta shares. At one point, he was third on the Bloomberg Richest People Index, behind only Jeff Bezos and Bill Gates. As of October 26, 2022, he was ranked 23rd.