Technology
Mark Zuckerberg loses $70 billion, sinking to 20th richest person in the world
The reason behind its decline seems to be attributed to a significant loss of investment
September 20, 2022 10:43pm
Updated: September 20, 2022 10:51pm
Meta CEO Mark Zuckerberg reportedly lost $70 billion, a loss that has caused him to sink in rankings to the 20th richest person in the world.
The drop represents a 55% loss for the 38-year-old entrepreneur who amassed a fortune of $125 billion at the beginning of the year, according to Bloomberg's Billionaires Index.
Last year, the company that owns Facebook, Oculus, Instagram, and WhatsApp bet on rebranding itself after several scandals around Instagram related to teenage eating problems.
The reason behind its decline seems to be attributed to a significant loss of investment in the Metaverse and a decline in the number of users of the platform. Zuckerberg, now in 20th place, is not even on the heels of Elon Musk and Jeff Bezos.
Meta's net income has fallen amid huge investments in the metaverse and a decline in users. Zuckerberg is now the 20th richest person on the planet, a significant place behind Tesla CEO Elon Musk and Amazon CEO Jeff Bezos.
Zuckerberg is worth $53.4 billion today after losing an average of $55.3 billion, according to Forbes.
