Mark Zuckerberg loses $71 billion of his fortune in 2022 after the launch of Metaverse!

One month after reaching a fortunevof $142 billion, Mark Zuckerberg launched Meta and made several announcements regarding augmented reality and virtual reality in 2022.

Mark Zuckerberg lost about $71 billion of his fortune in 2022, despite his shift to the burgeoning metaverse market. While many people are making money in the metaverse sector, it seems that Mark Zuckerberg’s foray has cost him some of his fortune. This is despite Facebook’s venture into AR and VR products and its name change to Meta, while the entire tech space in the U.S. is having a rough year.

Currently, Mark Zuckerberg is ranked 20th in the Bloomberg Billionaires Index after losing half his fortune in 2022. The data shows that he is now worth $55.3 billion. His value puts him at his lowest ranking since 2014 and below three Waltons and two members of the Koch family. It’s such a turnaround for Zuckerberg, who joined an elite group of global billionaires less than two years ago. The Facebook executive joined the group, which included only Jeff Bezos and Bill Gates, when he was worth $106 billion. His fortune peaked at $142 billion in September 2021, when his company’s shares soared to $382. Today, Meta Platforms’ shares have dropped significantly and are currently trading around $148.

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Zuckerberg sees $71 billion disappearing from his net worth by 2022.

A month after reaching a fortune of $142 billion, Zuckerberg launched Meta and made several AR and VR announcements in 2022. However, there have only been negative impacts since the name change. Meta is in decline, and Facebook said in February that it has not seen an increase in new users. All of these things have led to a drop in the company’s stock and a loss for the CEO. He lost $31 billion at the time, one of the largest one-day drops in wealth.

According to Laura Martin, an analyst at Needham & Co, Meta’s investments in the metaverse are affecting its stock and Zuckerberg, whose wealth has dropped significantly since the name change. The analyst mentions that Facebook needs to win back its users from TikTok, which has more than a billion users. In addition, she believes that Meta suffers from a “excessive regulatory oversight and intervention.

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Down nearly 56% since January, Meta is positioned as the worst performer among its FAANG peers. With the exception of Netflix, which is down nearly 60% year-to-date, its FAANG peers, Apple, Amazon and Google, have lost no more than 30% in 2022. Meta is down 0.89% to $146.71 in pre-market trading. The company has plunged 58.59% in the past year and lost 5.75% in the past three months. Meta also fell 8.12% and has collapsed more than 3% in the past five days.

A Bloomberg Intelligence analyst, Mandeep Singh, also commented on the decline in Mark Zuckerberg’s 2022 fortune. He believes that Meta can still avoid losses by working around its other businesses like Instagram and WhatsApp. Analysts added that the company could have been better if it had not entered the VR space.

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