Meta CEO Mark Zuckerberg saw his net worth drop by roughly $70 billion in 2022, knocking him down to 20th in the world’s richest people rankings.
The 38-year-old started that year with a net worth estimated at $125 billion, according to reports.
Since January, however, it has fallen to $55.3 billion, a loss of over 55%.
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The drop comes as Meta continues to push its rebrand into a “metaverse” company, the report noted.
Following the October 2021 rebranding, the company, which owns platforms including Facebook, Instagram, WhatsApp, and Oculus, reported a user decline for the first time ever.
Another controversy linking Instagram to depression and eating disorders in teenage girls also damaged the brand, according to the report.
In total, Meta’s net income dropped to $3 billion, a fall of 36%, in the second quarter when measured from the same period in 2021.
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“The metaverse business for us isn’t really going to be a meaningful contributor to the business until, at a minimum, much later in this decade, and probably realistically, this decade is going to be about setting the foundation for that and then the 2030s are really where this is going to contribute a lot to the profits of this company,” Zuckerberg said at May’s annual shareholder meeting.
