When you think of wealthy people, Mark Zuckerberg is probably one of your top thoughts.
But that may not be so, soon.
Because Zuckerberg slipped from #3 on the list of the world’s richest all the way down to #22 after his net worth dropped by a jaw-dropping $71B this year.
Part of it is due to the fall of Meta stocks this year, but the kind of drop Zuckerberg’s worth has seen is unprecedented.
Since becoming Meta last year, the company has seen a whopping 60% drop in value. Much of Meta’s woes are due to the business model, which relies on selling huge batches of advertising against very specific user data.
A new Apple iOS update last year made it harder for that data to be gathered, eroding Meta’s momentum.
New users on Meta’s platforms have contracted for the first time, and Zuckerberg is pouring $10B a year into the creation of the virtual reality-based Metaverse, so it’s all coming to a head together and will likely even itself out in the next year or two.
But investors aren’t known for their patience, and many are jumping ship during this transitional period, taking an unbelievable chunk out of Zuckerberg’s wealth for the time being.