Mark Zuckerberg’s pivot into the metaverse has cost him dearly in the real world.
Even in a rough year for just about every US tech titan, the wealth erased from the chief executive officer of Meta Platforms Inc. stands out. His fortune has been cut in half and then some, dropping by US$71 billion so far this year, the most among the ultra-rich tracked by the Bloomberg Billionaires Index. At $55.9 billion, his net worth ranks 20th among global billionaires, his lowest spot since 2014 and behind three Waltons and two members of the Koch family.
It was less than two years ago when Zuckerberg, 38, was worth US$106 billion and among an elite group of global billionaires, with only Jeff Bezos and Bill Gates commanding bigger fortunes. His wealth swelled to a peak of $142 billion in September 2021, when the company’s shares reached as high as US$382.
The following month, Zuckerberg introduced Meta and changed the company’s name from Facebook Inc. And it’s been largely downhill from there as it struggles to find its footing in the tech universe.