Metal has a difficult period behind it.
Meta’s share price has affected Zuckerberg’s wealth. AOP / Janiko Kemppi
CEO of Meta Mark Zuckerberg’s net worth is Bloomberg’s according to calculations, collapsed this year by almost 71 billion dollars. 38-year-old Zuckerberg has fallen Forbes from place 3 to place 22 on the list of billionaires.
Most of Zuckerberg’s net worth is tied up in shares, i.e. his main ownership in Meta, which includes Facebook, Instagram, Whatsapp, Oculus and other companies. Meta’s share price has dropped significantly, which is reflected in Zuckerberg’s wealth.
Zuckerberg is by no means the only billionaire affected by fluctuations in stock prices. Even a possible drop in Tesla’s shares can bring down, for example, Tesla’s CEO Elon Musk’s out of the place of the richest person in the world.
Facebook’s parent company changed its name to Meta last year, which was accompanied by an announcement about the creation of a metaverse. This, combined with uncertainty in the technology market, has caused Meta’s share price to fall and Meta has lost 60 percent of its value. The biggest decline was seen in January and February, when the value of the stock fell from around $330 to $200. At noon on Thursday, Meta’s share price was around $140.
Meta said in April that it had invested 10 billion dollars in the metaverse. The company said that more than 10,000 employees work on metaverse projects. Meta has had to change its operations also on the product side. Company raised in July, the price of its Quest 2 VR glasses by one hundred dollars without adding any additional features.
Metaverse talks combined with the development of VR devices have created an uncertain atmosphere for investors. However, the short-term bleak outlook could turn into huge future gains for Zuckerberg in the long run if the metaverse turns out to be anything close to what Zuckerberg wants it to be.