The shares of Mark Zuckerberg’s company, Meta, which used to be called Facebook, dropped by 25% a few days ago, reaching their lowest level since December 2016. According to a company report, their earnings dropped by 50%. At one point, this was because of the global financial crisis, but many people think it’s because Zuckerberg wants to make the Metaverse.
Mark Zuckerberg Wealth Loss
Forbes says that the virtual and augmented reality division, which is working on creating the “Metaverse,” the dream of a virtual universe where people can live together (and which Zuckerberg sees as the next step for the Internet), has lost $9.4 billion, and this number could go up since the mission isn’t working. Investors have been worried, so the businessman said, “Look, I think a lot of people might disagree with this investment, but from what I can see, I think it will be a very important thing, and I think it would be a mistake if we didn’t focus on any of these areas, which I think will be very important for the future.”
The drop in stock prices has caused Mark Zuckerberg wealth loss by $11 billion, which is more than it fell when he lost $100 billion. He went from being the 25th richest person in the world to the 29th, and if his actions don’t improve, it will fall even more.
Mark Zuckerberg sees that the Internet is changing, and he wants to find a way to change it on his own by making sure it has a good future. However, he doesn’t seem to have a good plan. Even though a lot has been said about the possibilities of the metaverse, experts have pointed out that there may be more than one and that there may not be a centralized one as Zuckerberg wants. Others wonder if we will really get to this future soon, since not everyone has the infrastructure to be able to enter a virtual world. In reality, it looks like the businessman isn’t ready to give up, and he might be willing to keep losing money trying to make his metaverse work.
Zuckerberg’s Personal Fortune has Dropped by Over $100 Billion
To date this year, Mark Zuckerberg net worth has decreased by $87.3 billion. That is around 83% of Buffett’s current $105 billion total net wealth. And today, that decline will probably increase. Monday morning trading saw a further 4.5% decline in the price of Meta shares.
Mark Zuckerberg net worth has fallen from $51.2 billion to $38.2 billion in the last month alone as a result of investors abandoning the social media firm because it keeps investing money in Zuckerberg’s vision of the metaverse. In Meta, Zuckerberg owns a 13% stake.
Zuckerberg’s value peaked in September of last year at $140 billion; as a result, since implementing his metaverse approach, Mark Zuckerberg wealth lost over $100 billion.
When discussing the pressures of being the CEO of Meta two months ago, Zuckerberg said to podcaster Joe Rogan, “It’s almost like every day you wake up and you’re punched in the stomach… You wake up in the morning, look at my phone, get like a million messages. It’s usually not good. People reserve the good stuff to tell me in person.”
Since making that claim, he has lost close to $25 billion. While Zuckerberg is placing his company’s future on the metaverse, he is facing an increasing number of critics from both within the organization and former allies.
In an open letter published earlier this month, Brad Gerstner, chair and CEO of Altimeter Capital, whose investment company holds 2.5 million shares in Meta, stated that “Meta has gone into the region of excess—too many people, too many ideas, too little urgency… Even by Silicon Valley standards, an estimated $100 billion investment in an unknowable future is enormous and alarming.
Since last week’s financial report, which caused another sharp decline in Meta shares and disclosed a $3.7 billion third-quarter operating loss for the metaverse division on just $285 million in revenue, there has been an increase in criticism.
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