Mark Zuckerberg has lost more than half of his wealth in 2022

Facebook co-founder Mark Zuckerberg loses almost $30bn in a day, Drops out of 10 richest People List

Mark Zuckerberg, co-founder and CEO of Meta Platforms, has seen a loss of more than 50% of his wealth as of 2022.

The CEO of the tech giant is currently valued at N58.6 billion, a significant decrease from the triple-digit valuation of $125.5 billion year to date, according to the Bloomberg Billionaire Index.

The uncertainty surrounding the tech sector has continued to cause a decline in the valuation of his net worth, with his main assets being META US Equity.

Notably, the decline occurs just a few months after the billionaire’s all-time high of $142 billion last year. Zuckerberg has dropped out of the top 10 places and is now listed as the 17th richest person in the world.

Immersion argues that meta copied Virtual reality technology is fundamental to metaverse gaming.
Immersion argues that meta copied Virtual reality technology is fundamental to metaverse gaming.

Did you should know?

  • The majority of Zuckerberg’s fortune is derived from a 13% stake in Meta Platforms, formerly Facebook owned through a series of trusts and holding companies.
  • In 2022, tech stocks have declined greatly as central banks move to tame increasing inflation compared to the previous years when tech led the stock market.
  • Over the past few months, tech firms have seen their valuations slashed in both the public and private markets.
  • In September last year, Facebook reached $378.69 billion, its all-time high, around this time, Zuckerberg’s valuation was at its high. Meanwhile, as of today, the tech company is worth $159.10 reflecting in the billionaire’s wealth.
  • In its Q1 2022 result, Facebook exceeded revenue expectations per user as well as earnings expectations. However, nearly all other key metrics missed, including monthly active users.
  • Facebook’s revenues grew by 7% in the first quarter since it became a public company, marking the company’s first growth in the single digits in the past ten years. Analysts had predicted 7.8% growth.
  • 97.5% of Facebook’s revenue came from its apps, including its core app, Instagram, and WhatsApp. Lastly, $695 million came from Reality Labs, the company’s attempt to create products in the metaverse.

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