Mark Zuckerberg has lost $100 billion in just 13 months

Mark Zuckerberg’s fortune plunged by $11 billion after his Meta Platforms Inc. posted disappointing earnings for the second straight quarter, Mark Zuckerberg has lost $100 billion in just 13 months.

Zuckerberg, 38, presently has a net worth of $38.1 billion, as per the Bloomberg Billionaires Index, a shocking tumble from a pinnacle of $142 billion in September 2021. While large numbers of the world’s richest people have seen their fortunes tumble this year, Meta’s CEO has seen the single-biggest hit among those on the wealth list.

After never posting declining sales prior to 2022, Meta’s revenue fell 4.5% from a year ago. Meanwhile, the social media platform faces ballooning costs as it funds its version of virtual reality. New York shares of Meta opened 25% lower Thursday. Compared to its peak price of $382, today’s stock price is about $100, the lowest level since 2016.

“I get that a lot of people might disagree with this investment,” Zuckerberg said about the company’s focus on the metaverse. The Menlo Park-based company changed its name from Facebook to Meta a year ago. He stood by the pivot, calling it “fundamentally important to the future.”

According to the latest proxy statement from Meta, Zuckerberg owns more than 350 million shares. Bloomberg’s wealth index ranked him third at one point, behind only Jeff Bezos and Bill Gates. As of Wednesday’s close, he ranked 23rd.

Mark Zuckerberg has lost $100 billion

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