More than any other billionaire monitored by Bloomberg’s ratings, Mark Zuckerberg’s worth has fallen by $71 billion this year as the Facebook founder battled a slew of controversies.
In September 2021, Zuckerberg, 38, had a net worth of $142 billion. According to Bloomberg, he was only worth $56 billion on Tuesday.
Due to the worldwide economic downturn, Mark Zuckerberg fell to 20th place among billionaires, his lowest position since 2014.
Two Koch family members and three Waltons were ranked above Zuckerberg.
Since he founded Meta, Facebook’s parent business, in October 2021, the millionaire from New York has seen his wealth rapidly disappear.
With the Cambridge Analytica incident during the 2016 election, followed by disputes about content restriction and surveillance, Zuckerberg has been under severe criticism for his content policy.
Republicans and Democrats have both asked him to appear before Congress, with the former charging the latter of censorship.
When Meta reported in February that there had been no increase in monthly Facebook users, the stock price of the company fell by an unprecedented amount, and Zuckerberg’s wealth was reduced by US$31 billion, one of the largest one-day decreases in wealth ever.
Reels, which are brief videos, will be promoted by Meta on Instagram, which it controls, in the recent past.
Additionally, the IT sector as a whole is experiencing difficulties as marketers review their spending in light of the impending recession.
According to Bloomberg, Meta is doing worse than its competitors. Its year-over-year decline is 57 percent, compared to 14 percent for Apple, 26 percent for Amazon, and 29 percent for Alphabet, the parent company of Google.
Meta stock is where almost all of Zuckerberg’s fortune is invested.
According to the most recent proxy statement from the corporation, he owns more than 350 million shares.