Mark Zuckerberg has lost more than half his wealth and there’s one reason behind it
Published on Oct 23, 2023 at 5:32 PM (UTC+4)
by Alessandro Renesis
Last updated on Dec 06, 2023 at 11:06 AM (UTC+4)
Edited by
Kate Bain
Meta’s co-founder and CEO Mark Zuckerberg lost a colossal amount of money with a controversial move.
Meta is still profitable, and Zuckerberg is obviously still very rich, but even so, some people are beginning to show concern.
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Zuckerberg tried to capitalize on the Metaverse craze by rebranding to Meta, which caused shareholders to panic.
After the announcement, Zuckerberg lost $31 billion in a single day, which is a stock market record.
The move was less than well-received.
Right after the rebrand, Zuckerberg’s net worth was ‘only’ $55.9 billion, making him the 20th richest person in the world.
Ironically, the market reacted badly right at the top of the Metaverse, Web 3.0 and NFT hype.
Back when, in theory, these financial assets looked promising.
Fast-forward to 2023, with the NFT market in a comatose state and Web 3.0 still not going anywhere, Zuckerberg has actually recovered some of its wealth.
At the time of writing, Zuck has a net worth of $109.5 billion.
He is now the seventh wealthiest person on the planet.
The reason behind Meta stock’s (partial) recovery has to do with the company’s numbers.
Last year, Meta had a revenue of $116 billion and it is still largely profitable.
This is chiefly because Meta owns WhatsApp and Instagram as well as Facebook, and all three are absolute golden geese.
No one knows what’s going to happen next with Meta, but Zuckerberg is certainly still doing pretty well.
He is (by far) the youngest billionaire in Forbes top 25 along with TikTok creator Zhang Yiming.
Speaking of which, the list unsurprisingly mostly comprises people over 60.
Apart from Yiming and Zuck, Musk (52), Jeff Bezos (59) and Michael Dell (58) are the only Forbes top 25 billionaires under 60.
Alessandro is an automotive journalist with 10 years of experience covering supercars, automotive history, emerging vehicle technology, and luxury transportation. He wrote the first article published on SupercarBlondie.com when the website launched in 2022 and has since built a reputation for insightful reporting across the automotive and transportation industries. His expertise is grounded in hands-on experience. Alessandro has driven every Tesla model ever produced, from the original Roadster to the Cybertruck, and regularly covers the latest developments in electric vehicles and automotive innovation. His passion for transportation extends beyond cars, he has even flown a Boeing 787 Dreamliner simulator in Addis Ababa, Ethiopia. His reporting spans everything from classic American muscle cars and rare automotive discoveries to luxury yachts, private aircraft, high-end watches, and cutting-edge vehicle technology. Known for his deep knowledge of automotive history and ability to uncover the stories behind iconic vehicles, Alessandro brings readers a blend of historical context, technical expertise, and first-hand experience.
