Meta, a company that brings together social networks such as Facebook, Instagram and WhatsApp, faces a negative outlook derived from the high rates of inflation hitting the world. This is reflected in staff cuts, as well as the declining fortunes of its CEO, Mark Zuckerberg.
The founder of Facebook had a significant drop in his assets that began in February and does not stop, this while his company seeks to restructure and have much smaller teams of staff.
The company is currently dealing with a hit to ad revenue from Apple’s privacy restrictions, which could end up costing it an estimated $15.4 billion in sales ads this year.
Meta is also looking to build a product that rivals TikTok, while also making a pivot to virtual reality in what could be the biggest strategic failure in Facebook history.
After the accumulated fall of Meta: What is the fortune of Mark Zuckerberg?
According to the millionaires index of BloombergMark Zuckerberg’s fortune is currently 51.9 billion dollars and is located in the 23rd position of the richest people in the world.
Zuckerberg had a fortune of 128 billion dollars a year ago, which means that in 365 days he lost around 76.1 billion.
The decline of Mark Zuckerberg’s fortune began in October 2021, after the announcement of Meta as the name of the company that conglomerates social networks such as Facebook, Instagram and WhatsApp.
It was in February when the company did not disclose any growth in the number of monthly Facebook userscausing a historic collapse in its share price and cut Zuckerberg’s fortune by 31 billion dollarsone of the biggest drops in one day in history.
Other issues include Instagram’s bet on Reelsits answer to TikTok’s short-form video platform, even though it’s worth less in ad revenue, while the broader industry has been hit by lower marketing spending due to concerns about an economic slowdown.
How to measure the fortune of Mark Zuckerberg?
Despite the decline in the Meta holder’s fortune, his wealth is still enormous. And to dimension it, Bloomberg explains how much the value of Mark Zuckerberg’s estate is equivalent to:
- 30.6 million of ounces of gold.
- 581 thousand barrels of crude oil.
- 0.226 percent of the Gross Domestic Product (GDP) from the United States.
- 0.779 percent of the total wealth of the 500 richest people in the world.
- 8,222 percent of the total compensation awarded to the top 200 executives in the United States.
- 2.72 percent of existing homes in the United States.
- 733 thousand 832 times the median family income in the united states.
With information from Bloomberg.
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Mark Zuckerberg: How much is the fortune of the creator of Facebook