Mark Zuckerberg started 2022 as the sixth richest man in the world.
According to Bloomberg, the Facebook founder died on April 20.
Of course, all the big boys in Bloomberg’s Billionaire Index, including Bill Gates, Elon Musk, Jeff Bezos, and others, have lost money this year, but Zuckerberg’s $71 billion loss was the biggest.
Two years ago, Zuckerberg was the third richest man in the world at $106 billion; Now he’s down to a paltry $55.9 billion.
Most of the money is in Meta Platforms, Inc., the new name for what used to be Facebook, Inc.
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Zuckerberg’s peak was a year ago when he was worth $142 billion and Facebook stock cost $382 a share. As of Wednesday afternoon, it was around $149.
In October 2021, Zuckerberg changed the name from Facebook to Meta, portraying this as a break into the Metaverse, the internet’s integration of virtual reality and social media.
Things started to unravel after that, starting in February when Meta said Facebook was stopping adding users. That triggered a stock price slump and Zuckerberg’s net worth plummeted by $31 billion in what is believed to be one of the largest single-day fortune evaporations.
According to Needham & Co. analyst Laura Martin, Meta is also hampered by expected significant losses in three to five years from its Metaverse investments and user attrition to TikTok.
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The company also has issues with “excessive regulatory scrutiny and intervention,” Martin said.
Is this scrutiny and intervention because the Biden administration colluded with Facebook to censor users?
Is it because Facebook blocked Republican criticism of student loan forgiveness?
Is it because Facebook’s outrageous behavior was even criticized by a New York Times columnist?
Is it because Texas sued Meta for allegedly taking Facebook users’ facial recognition information without permission?
Is it because a Russian-born techie compared Zuckerberg’s Metaverse promotion to communist propaganda he heard growing up in the former Soviet Union?
While other tech companies are struggling in 2022, Apple stock is down 14 percent for the year; Amazon lost 26 percent and Alphabet, Google’s parent company, lost 29 percent. Meta’s 57 percent decline approximates that of the unfortunate Netflix, which is down 60 percent.
Had it not ventured into virtual reality, Meta would likely be on par with Alphabet, according to Mandeep Singh, an analyst at Bloomberg Intelligence. Meta could fix its situation by spinning off its other businesses like WhatsApp and Instagram, Singh said.
But don’t cry for Mark Zuckerberg. According to Bloomberg, he is converting. He posted a video of himself doing mixed martial arts. He also appears to refer to himself as a “product designer,” as he repeatedly described himself on a Joe Rogan podcast.
And he’s still worth around $56 billion.
https://www.westernjournal.com/zuckerberg-loses-big-71-billion-net-worth-gone-wealth-lost-billionaire/ $71 Billion in Net Worth GONE, More Wealth Lost Than Any Other Billionaire