Meta CEO Mark Zuckerberg’s fortune has decreased by $ 70 billion this year. Zuckerberg was relegated to the 20th place among the richest people in the world.
According to Bloomberg’s Billionaires Index, Zuckerberg began the year with a net worth of $ 125 billion. Since then, his fortune has fallen to $ 55.300 million, or over 55 percent. Forbes estimates it at $ 53,400 million.
Meta, which includes Facebook, Instagram, WhatsApp and Oculus, has been behind him a turbulent 12 months since Zuckerberg announced that he would transform the company into a “metaversive” company. In October last year, he carried out a thorough rebranding. Facebook saw the first-ever decline in the number of users. One million people left Facebook in the last quarter of 2021.
In the fall of last year, the brand became the subject of controversy when Frances Haugen disclosed information contained in internal company documents, claiming, among other things, that has seen internal research that shows that Instagram contributes to eating disorders and suicidal thoughts in teenage girls.
In an April statement, the company said it spent around $ 10 billion in 2021. for investments in the metaverse, i.e. about 50 percent. your capital expenditure. Meta announced that in April over 10,000 people worked on her metaverse projects. people.
– Metaverse will not have a significant impact on our business until at least the end of the decade. Realistically this decade will be about laying the groundwork, and then in the 20s and 30s Metaverse will start making a big contribution to the company’s bottom line, Zuckerberg said at its annual shareholders meeting in May.
Successful companies should invest in research and development to help move the world forward, he added.
Meta cut employment in 2022 as the economic downturn hit the entire tech sector. Reuters reported that Meta has cut the number of engineers hired by about a third.