Mark Zuckerberg, Meta CEO, saw his net worth fall by $70 million in 2022. This pushed him down to 20th place in the world’s wealthiest people rankings.
According to reports, the 38-year-old started that year with an estimated net worth of $125 billion.
However, since January, it has fallen below $55.3 billion. This is a drop of more than 55%.
According to the report, Meta is pushing its rebranding into a “metaverse company” at the time of the drop.
The company that owns platforms such as Facebook, Instagram, and WhatsApp reported a decline in users following the October 2021 rebranding.
According to the report, another controversy linked Instagram to eating disorders and depression in teenage girls has also hurt the brand.
Meta’s net income fell to $3 billion in the second quarter, which is 36% less than the same period in 2021.
At May’s annual shareholder meeting, Zuckerberg stated that the metaverse business is not going to be a significant contributor to the company’s profits until at least the 2030s.