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.
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.