Since September 2021, Meta (Facebook) founder Mark Zuckerberg has lost more than half his fortune.
The tech founder has seen a $77B drop in his fortune since last year. For a long time, he enjoyed the third spot on the Forbes 400 List of the wealthiest Americans, but that is no longer the case.
Zuckerberg ranks a paltry 11th with around $58B in net worth.
For some, Zuckerberg’s fall from the top is amusing – after all, he’s been lording it over tech companies that his start-up turned quickly into the world’s biggest social media platform in the early ’00s.
But now is the era of platforms like TikTok, and Zuckerberg’s company Meta is fighting to stay relevant as their user base ages and less new blood is interested in the “old people’s” social media platforms like Facebook and Instagram.
Zuckerberg’s tremendous fortune loss comes as Meta stock has dropped a whopping 57% in the last year, outpacing industry peers on its rush to the bottom. Much of Meta’s money came from advertising, but Apple designed privacy protection for its users, cutting massively into their revenue stream.