According to Bloomberg, Mark Zuckerberg is no longer on the list of billionaires like Elon Musk, Jeff Bezos, etc with a significant plunge in his wealth with a $71 billion loss this year.
According to reports, a $71 billion loss is more than half of his net worth which makes it more certain that Meta and its CEO are in a dangerous position which is a crucial time for the company. Zuckerberg is in the 20th position below the Walton family and two family members of Koch in the Bloomberg Billionaires Indexes. Previously, Meta CEO was known to have climbed the ladder above the Koch and Walton members.
Meta’s metaverse is costing Zuckerberg billions of dollars. According to experts, developing the metaverse is costing Meta crucially with the shift last year to the digital world which they have not delivered yet.
Analysts and speculators who are looking closely into the company’s projects feel that Meta is not sustainable. Experts from Harvard University believe that Zuckerberg is failing Meta because of his ambitious projects which are more into losses than profits. The recent events are a wake-up call to the company and its CEO.
Since its release in 2004, this is the first time the company is facing losses. Meta reported FB revenue drop last July which is significant marking 2022 as the poorest performing in 20 years in the business even with many sources of income.
The company had a sharp dip in its funds this year with its CEO following the trend. It is evident that the company is losing more than the earnings with the new setout, more so of the metaverse’s recent burgeoning growth.