The assets of Mark Zuckerberg’s, CEO of Meta Platform, the world’s largest social media company that operates Facebook, have evaporated more than 20 billion dollar this year.
According to Bloomberg News’ billionaire index on the 19th (local time), Zuckerberg’s assets fell 70.2 billion dollars to 55.3 billion dollars this year.
Zuckerberg’s loss of asset is especially noticeable compared to other tech billionaires. Tesla CEO Elon Musk’s wealth loss this year was $2.55 billion (-0.9% year-on-year), according to the Billionaire Index. The assets of Amazon founder Jeff Bezos and Microsoft founder Bill Gates fell 44.4 billion dollars (23.1%) and 26.2 billion dollars (18.9%), respectively. Zuckerberg’s wealth, on the other hand, fell 55.9% compared to the beginning of this year, and its ranking fell from sixth to 20th.
The decline in Zuckerberg’s assets is attributed to the recent plunge in meta-stock prices, which led to a fall in Zuckerberg’s valuation of shares. Meta shares rose 1.18% to close at $148.02 on the New York Stock Exchange, but plunged 56% compared to the beginning of this year.
Bloomberg also diagnosed that Zuckerberg paid a big price as he focused on the metaverse business. Laura Martin, chief analyst at Wall Street Investment Bank Needham, also analyzed, “Meta shares are falling due to investment in Metabus.” Zuckerberg changed Facebook’s mission to Meta in October last year, presenting Metaverse as a future focus business.