Zuckerberg, 20,000 million from Amancio Ortega: he loses half his fortune in less than a year »Galicia

Goalthe owner of Facebook, Instagram either WhatsApp, does not raise head. The shares plunged more than 20% this Thursday after the presentation of results for the third quarter of the year. The accounts showed 4% drop in income and 52% in profitswhich fell to 4,395 million.

The balance of the first nine months of the year marks a turning point for the holding company, which had not stopped growing until this exercise. In February of this year, she acknowledged that the use of Facebook fell for the first time in its history. It was just a few months before Meta posted its first revenue decline since at least its 2012 IPO (under the Facebook name) in July, down 1% in the second quarter. Not even during the scandal of Cambridge Analytics something similar had happened.

stock market debacle

The punishment in the stock market is relentless. Stocks have depreciated 70% so far in 2022 and, with its decline, Mark Zuckerberg’s fortune has plummeted. The businessman slipped down the Forbes list of the richest to 29th place, with a wealth estimated by the publication at 36.7 billion dollars.

The amount is 30.6 billion less than that recorded by the same publication in April, when it attributed a fortune of 67.3 billion to Zuckerberg. In seven months he has lost practically half. He went from being above Amancio Ortega to being ten places below in Forbes and 22,000 million awaysince the magazine estimates the assets of the founder of Inditex at 58,400 million.

Doubts about the Metaverse

Recently, Zuckerberg’s management has been publicly questioned by one of Meta’s shareholders, Altimeter CEO Brad Gerstner, with approximately 0.11% of the capital. Gerstner suggested to the Facebook founder in an open letter posted on his blog that he limit investment in the metaverse and that reduce personnel expenses by 20%.

“Meta needs to rebuild trust with investors, employees and the tech community to attract, inspire and retain the best people in the world. In short, Meta needs to get in shape and focus,” said the manager, who pointed to shares in Zuckerberg’s company falling three times more than their big technology peers.

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Zuckerberg, 20,000 million from Amancio Ortega: he loses half his fortune in less than a year »Galicia