December 2, 2022
International

Zuckerberg loses $70 billion in net worth as he drops to the 20th position in terms of wealth

Zuckerberg loses $70 billion in net worth as he drops to the 20th position in terms of wealth

CEO of Meta Mark Zuckerberg’s valuation has decreased by $70 billion, and he is now the 20th richest person in the world. Zuckerberg started the year with $125 billion, however. After Zuckerberg announced a rebranding as a metaverse corporation in October of last year, Meta’s Facebook had a sharp drop in subscribers by late 2021.

In addition to Facebook, Meta is the owner of Instagram, Whatsapp, and Oculus. Whistleblower Frances Haugen claimed to have seen internal corporate documents and discovered that Instagram was causing eating problems in adolescent girls. This caused even more controversy for the firm and its reputation suffered.

Zuckerberg recognized that the metaverse was not for business and will contribute financially roughly ten years later during the company’s annual shareholder meeting in May. He stated that the business would use this decade to create the groundwork for the revenues anticipated in the 2030s.

Additionally, the business reduced hiring and fired workers in 2022. Elon Musk, the CEO of Tesla, continues to top the list of the wealthiest people, followed by Indian businessman Gautam Adani, who shot up the rankings this year. Bill Gates, Bernard Arnault, and Jeff Bezos are also included on the list.

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