TechnologyMark Zuckerberg Lost $70bn, Now 20th Richest Person

Mark Zuckerberg Lost $70bn, Now 20th Richest Person


- Advertisment -spot_img
Everything on JUMIA

Meta CEO Mark Zuckerberg is now the 20th richest person in the world has his net worth slopped by $70 billion so far in 2022.

Mark Zuckerberg is currently the 20th richest person in the world

Zuckerberg started the year with a $125 billion fortune, according to Bloomberg’s Billionaires Index. But since then, it’s tanked down to $55.3 billion, a fall of just over 55%, according to the data. Forbes puts his net worth at $53.4 billion, Business Insider reports.

Meta, which owns Facebook, Instagram, WhatsApp, and Oculus, has had a tumultuous past 12 months since Zuckerberg said it would become a “metaverse” company and then unveiled a massive rebrand last October.

Flash Sales
Facebook went on to report its first-ever decline in user numbers, losing roughly one million daily active users in the last quarter of 2021.

The brand was also steeped in controversy last fall when whistleblower Frances Haugen leaked information from internal company documents, including claiming that she’d seen internal research which found Instagram contributed to eating disorders and suicidal thoughts in teenage girls.

Meta’s net income fell 36%, or more than $3 billion, in the second quarter from the same period in 2021.

Read Also: 11 People, Including 8 Policemen Killed By Cattle Rustlers

The company said in an April proxy statement that it had spent around $10 billion on metaverse investments in 2021, or roughly 50% of its capital expenditure. Meta said that as of April there were over 10,000 people working on its metaverse projects.

“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 during the company’s annual shareholder meeting in May.

He added that successful companies should be investing significantly in research and development “to help push the world forward.”

Meta has cut down on hiring in 2022 amid an economic downturn which has impacted the whole tech sector. Reuters reported that Meta had reduced its hiring target for engineers for this year by around a third.

Who else is on the rich list?

Tesla and SpaceX CEO Elon Musk tops the rich list by a long shot, with Bloomberg putting his wealth at $268 billion.

Indian industrialist Gautam Adani, Amazon founder Jeff Bezos, French luxury-goods magnate Bernard Arnault, and former Microsoft CEO Bill Gates make up the rest of the top five.

At 20th, Zuckerberg is just behind Jim, Rob, and Alice Walton, the children of Walmart cofounder Sam Walton.

New Webbs is an independent online news platform launched with the aim of connecting the world with the latest news on the web.


Please enter your comment!
Please enter your name here

Latest news

New Naira Notes Disrupt Business Activities In Anambra

As Banks continue to issue the old bank notes to their customers in Anambra State, the action has negatively...

SA Police Warn Against Sharing Video Of Alleged Rape Of Minor

SOUTH AFRICA - Police command in Limpopo, South Africa have sent a stern warning to the public to refrain...

Man Commits Suicide After Wife Leaves Him

Nairobi, Kenya - A man in Mwingi town, Kitui County, has reportedly took his life following the event of...

SA Police Arrest 4 Men For Kidnapping Indian Man

SOUTH AFRICA - Police have disclosed the arrest of four men (4) who allegedly kidnapped an Indian businessperson and...
- Advertisement -spot_imgspot_img

Police Burst 419 Syndicate, Arrest Cultists, Recover 15 ATM Cards

Operatives of Delta State police command have combed various criminal hideouts in the state and arrested some suspects during...

NCDC: Nigeria Records 6 Lassa Fever Deaths, 77 Infections

Abuja, Nigeria - Seventy-seven (77) new Lassa fever cases and six-related deaths have been registered between January 9 and...

Must read

UN Seek Funds For Malnourished Children

In a bid to save malnourished children, the United...

Why Apology Is Not Always Enough – Ishola Ayodele

In today's fast-paced, digitally connected world, a crisis can spread like wildfire, with the potential to do significant damage to a company's reputation and bottom line. And when a crisis hits, one of the first things that many companies do is issue an apology in an attempt to mitigate the damage and regain the trust of their stakeholders.
- Advertisement -spot_imgspot_img

You might also likeRELATED
Recommended to you

Buy More, Save More