Mark Zuckerberg reportedly told podcaster Joe Rogan that the “million texts” he receives every morning feel like a “blow in the stomach.” However, he may be feeling worse lately due to a massive decline in his wealth.
According to Bloomberg’s Billionaire Index, Zuckerberg, CEO of Facebook parent Meta, has dropped 14 ranks on the list of the world’s wealthiest persons. He is currently the 20th richest person, with a total net worth of $55.3 billion, down $70.2 billion a year as of Monday due to Meta’s share price decrease.
Tesla CEO Elon Musk, Amazon founder Jeff Bezos, and Microsoft founder Bill Gates are among the top five wealthiest persons, although they have all had financial setbacks. However, they are lesser in comparison to Zuckerberg’s, with Musk (No. 1 on the list) losing $2.55 billion in the last year, Bezos (No. 3) losing $44.4 billion, and Gates (No. 5) losing $26.2 billion.
It’s not surprising, given how much tech stock prices have fallen in the last year owing to the economic slowdown. Many IT titans’ paper riches are linked to their extensive holdings in the firms they built.
In September 2021, Zuckerberg’s net worth was estimated to be $140 billion. A month later, he announced Facebook’s rebranding as Meta to emphasize the company’s shift to the “metaverse,” a type of digital environment in augmented and virtual reality. It was during this period that his fortune began to dwindle.
The personal wealth of Meta overlord Mark Zuckerberg has plummeted by $71 billion in 2022 alone, the biggest decline seen among any of the billionaires. https://t.co/ji9RanLhyH
— IFLScience (@IFLScience) September 21, 2022
In February, Meta stock fell roughly 23% as an unexpected investment in its “metaverse” resulted in a drop in fourth-quarter profit and a lower-than-expected revenue outlook, despite the company’s rising rivalry with TikTok.
Meta has attempted to compete with TikTok’s popularity increase in short video clips by promoting Reels, its video service, on both Instagram and Facebook. However, some online influencers, including Kylie Jenner, oppose the modifications that Zuckerberg and his colleagues are implementing.
After disclosing its first loss in daily Facebook users, Meta revealed its first quarterly revenue decline from the previous year in July.
Zuckerberg’s loss of fortune does not appear to have dissuaded him from the metaverse. In an almost three-hour interview with The Joe Rogan Experience in August, Zuckerberg stated that the metaverse would be “a lot healthier” for people, reinforcing his idea that it is the next generation of the internet.
“My ambition for these new platforms is that they will be more immersive and hopefully more useful—but I don’t necessarily want people to spend more time with computers,” he told Rogan. “I just want people to spend less time looking at screens.”
FAQs
How much money has Mark Zuckerberg recently lost?
Mark Zuckerberg’s net worth has dropped by $70 billion, dropping him to the 20th richest person in the world.
Why has Mark Zuckerberg’s net worth decreased?
The drop can be attributed to the steep decline in Meta’s stock, which holds most of Zuckerberg’s fortune. While the financial markets have deflated the ends of some internet billionaires by around a quarter this year, no one, not even crypto CEO Changpeng Zhao, has witnessed a wipeout on the scale of Zuckerberg.
What is Mark Zuckerberg’s annual salary?
Compensation for Executives
Mark Zuckerberg received total pay of $26,823,061 as Chief Executive Officer of Meta Platforms, Inc. $1 was paid as a salary, $0 was paid as a bonus, $0 was paid in stock options, $0 was given as stock, and $26,823,060 was paid in other forms of compensation.