The personal wealth of Meta overlord Mark Zuckerberg has plummeted by $ 71 billion in 2022 alone , according toBloomberg . While Wall Street has been having a approximate year in world-wide , the decline of Zuck ’s luck is the big seen among any of the billionaire .
Zuckerberg still has a full net Charles Frederick Worth of $ 54 billion , but he now stands as the 20th richest individual on theBloomberg Billionaires Index . In January 2022 , he was 4th , and less than two years ago he was tertiary .
Many of the fully grown - name technical school billionaire have see sinking riches since the commencement of 2022.Jeff Bezos , Larry Page , Sergey Bring , Steven Ballmer , Bill Gates , Larry Ellison , andElon Muskare all down billions of dollars this yr .
This is because technical school stock have fallen across the instrument panel this year – however , Metahas seen some of the steep declines . For the very first time since its inception , the companysaw revenue dropsin the second quarter of 2022 .
There are a number of grounds behind this demise .
first of all , Meta is facing rigid competition from its younger challenger , most notablyTikTokwhich is managing to capture a younger and more active audience .
Secondly , the societal connection has been wreck with a number of high - profile scandals in the psat few days . There was the Facebook – Cambridge Analyticadata outrage in 2018 , which raised serious headache about privacy and data protection , and more lately whistle cetacean have spoken out against some the party ’s praxis .
Last but not least , the companionship ’s boldplan to launch the metaversehas been a morsel of a flop so far . In October 2021 , Facebook modify its name to Meta Platforms to " reflect its focusing on build the metaverse , " a virtual realism environment that links all of the company ’s products .
Meta has beenpouring million of dollarsand heaps of resources into this lofty task , but it has failed to capture masses ’ attending . Many havepoked funat the metaverse ’s poor graphics , while others have gone furtherto mark the projectas a “ dystopian ” and a risk to human beings .
