Bad day to be Mark Zuckerberg: he lost 11 billion dollars in 13 months

The fortune of mark zuckerberg decreased by $11 billion after Meta Platforms reported a second consecutive quarter of disappointing resultswhich brings the total loss of his estate to more than 100 billion in just 13 months.

Zuckerberg, 38, now has a net worth of roughly $38.1 billion.according to the Bloomberg Billionaires Index, an impressive decline from a high of 142 billion in September 2021. Although many of the world’s richest people have seen their fortunes plummet this yearthe CEO of Meta has suffered the largest decline among those on the wealth list.

The creator of Facebook is now at number 23 on the list of millionaires, according to the Bloomberg index.

Meta revenue fell 4.5 percent compared to the same period of the previous year, its second consecutive quarterly decreaseafter never having recorded a decline in sales before 2022. Meanwhile, social media platform faces rising costs as you finance your version of virtual reality. Meta shares opened 25 percent lower Thursday in New York. The share price of around $100, the lowest since 2016, compares with $382 at its highest point.

“I understand that a lot of people may take issue with this investment,” Zuckerberg said of the company’s focus on the metaverse. The Menlo Park-based company changed its name from Facebook to Meta a year ago. He defended the change, calling it “fundamentally important for the future.”

Zuckerberg owns more than 350 million goal actions, according to the company’s latest proxy statement. At one point, he was ranked third on the Bloomberg Wealth Index, trailing only Jeff Bezos and Bill Gates. On Wednesday at the close, it was ranked 23rd.

Zuckerberg ‘costs expensive’ the Metaverse

The shareholders of Meta Platforms They are paying a high price for their expenses in the metaverse: the market value of the parent company of Facebook it has collapsed by $676 billion this year, forcing it out of the ranks of the world’s 20 largest companies.

The punishment shows no signs of easing any time soon. The Meta shares fell 25 percentits worst one-day drop since February, after it spooked investors with rising costs to finance its version of virtual reality and a drop in revenue.

Meta was the sixth-largest company in the United States by market capitalization at the start of the year, flirting with a market value of $1 trillion. Fast-forwarding 10 months, the market value is now $260 billion, ranking 27th in the world.

Meta’s market value is now less than the likes of Chevron, Eli Lilly & Co. and Procter & Gamble.

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Bad day to be Mark Zuckerberg: he lost 11 billion dollars in 13 months