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Topics: Mark Zuckerberg
Aisha Nozari
Topics: Mark Zuckerberg
Billionaire Mark Zuckerberg has managed to lose half his fortune and still remain a billionaire, isn’t that lovely for him?
Bloomberg's Billionaires Index picked up on Zuckerberg’s price drop, with the Meta owner plummeting to 20th place on the index.
It’s the lowest 38-year-old Zuckerberg has found himself on Bloomberg’s list of the world's wealthiest people since 2014.
The outlet also revealed what could have prompted the drop.
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The Facebook founder’s wealth has been cut in half since 2022 kicked off, and in less than two years, has dropped from $106 billion to $55.9 billion.
At peak wealth, Zuckerberg was worth a heart-stopping $142 billion. Oh, how times have changed since September 2021.
Bloomberg pointed to Facebook’s recent rebranding to Meta, noting that for poor ol’ Marky, it’s been ‘largely downhill from there’.
Noting that Meta is ‘struggling to find its footing in the tech universe’, Bloomberg called the company’s recent earnings reports ‘dismal’.
Laura Martin, senior internet analyst at Needham & Co, told the outlet that Zuckerberg’s company’s stock is being ‘dragged down’ by investments in the metaverse and ‘has to get these users back from TikTok’.
Martin also said Meta is ‘hampered by excessive regulatory scrutiny and intervention’. Ouch.
And it seems Zuckerburg’s bank account isn’t alone in hating the Metaverse right now.
Last month, Grimes claimed that the Metaverse is dead before it even began.
Sharing an image of Zuckerburg’s Metaverse avatar, the 34-year-old musician - and ex of Elon Musk - tweeted: "If zuck 'oversees the Metaverse' it is dead and people who care about art and culture are building something else. also this is bad art.
"The quality of this image alone speaks to how wildly under qualified he is to build alternate reality, literally every indie game looks better."
Zuckerburg has had his sights set on transforming his social media network into a metaverse - where people can game, work, and communicate - for some time now, and was recently forced to promise social media users the platform ‘wouldn’t be basic’.
Zuckerburg was rinsed by the internet last month when he shared a photo of his metaverse avatar.
It looked so dodgy that he almost immediately released a statement addressing metaverse’s graphics.
He said: “Major updates to Horizon and avatar graphics coming soon [...] I know the photo I posted earlier this week was pretty basic – it was taken very quickly to celebrate a launch.
“The graphics in Horizon are capable of much more – even on headsets – and Horizon is improving very quickly.”
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