Featured Image Credit: Simon Serdar/Yalcin Sonat/Alamy
Topics: US News, Facebook, Instagram, Elon Musk, Mark Zuckerberg
Dominic Smithers
Topics: US News, Facebook, Instagram, Elon Musk, Mark Zuckerberg
Mark Zuckerberg has lost $70 billion in his net worth, it has been revealed.
I mean, don't go creating a GoFundMe for him just yet, I think he'll be alright.
The Facebook founder has had a bit of a tumultuous year, as far as his finances go, at least.
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According to Bloomberg's Billionaires Index, he started 2022 with a net worth of around $125 billion, however, over the past few months, Mark's seen that go into free fall, with the 38-year-old's wealth plummeting by 55 percent to a paltry $55.3bn. I know, how will he ever survive?
But while that's bad enough, Forbes believes it's actually even worse than that, with the magazine putting his current net worth at $53.4bn.
One of the reasons behind the tech billionaire's relative fall from grace is down to the fortunes of his company, Meta.
For the first time in its history, Facebook saw a drop in the number of users, with around a million daily users in the final quarter of 2021.
Not only that, but the brand was also damaged when whistleblower Frances Haugen leaked documents claiming Instagram was impacting eating disorders in young girls.
This saw Meta's income plummet by over $3 billion in the second quarter last year.
But Zuckerberg isn't the only one to have suffered financially of late.
Elon Musk has lost more than $100 billion of his fortune in the past year too.
With promises to colonise Mars, creating humanoid robots and advances in autonomous driving systems, among other successes, Musk has managed to rake in huge levels of wealth as CEO of SpaceX and Tesla.
So much so, in fact, that last November he made history when his worth passed the $300bn mark - making him the first person ever to do so.
At the time, the increase in wealth was credited to Tesla’s rising stock price, surpassing many analysts’ predictions.
But according to a new report from Forbes, his fortune has since plummeted by more than $100bn, saying ‘a lot has happened’ in the period between last autumn and the present day.
Indeed, it’s been a busy year for the entrepreneur, not least because Forbes also reports he has also ‘lost more than $100 billion’.
The outlet explains that, from its peak on 4 November last year, Musk’s fortune has dropped by nearly 35 percent as of close of market on Thursday 20 October – or the equivalent of $320.3bn to $209.4bn.
But it looks like he's also just bought Twitter, so we think he's not on the bread line just yet.