Meta CEO Mark Zuckerberg has lost $ 70 billion from his net worth, now dropping below number 20 on the list of the richest people on the planet, Business Insider reported.
The 38-year-old Facebook founder started 2022 with a net worth of $ 125 billion, according to the Bloomberg Billionaires Index. But since then, his fortune has dropped to $ 55.3 billion, or a drop of just over 55%.
Forbes estimates his net worth at $ 53.4 billion.
Meta, which owns Facebook, Instagram, WhatsApp and Oculus, has had a tough year since Zuckerberg announced it would transform the company into a “meta universe” and then unveiled a major rebranding last October. Facebook continues to report a decline in the number of users, losing approximately one million daily active users in the last quarter of 2021.
The billionaire’s troubles deepened even after information leaked from a study that Instagram use contributes to eating disorders and suicidal thoughts in teenage girls.
Meta’s net revenue also fell by 36% or more than $ 3 billion in the second quarter of 2022 compared to the same period in 2021.
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