Mark Zuckerberg has lost more than half his wealth and there’s one reason behind it

One controversial decision made him lose a lot of cash.

Published on Oct 23, 2023 at 5:32PM (UTC+4)

Last updated on Oct 25, 2023 at 4:36PM (UTC+4)

Edited by Kate Bain
Mark Zuckerberg lead image

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.

READ MORE: How Conor McGregor spends his $652 million fortune, including incredible supercar collection

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.

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