Meta CEO Mark Zuckerberg鈥檚 net worth has plummeted by $70 billion in 2022, so far.
Business Insider reports that the drop has bumped Zuckerberg down to the 20th richest person in the world. At the start of the year, the Facebook founder鈥檚 estimated worth was at $125 billion, according to Bloomberg鈥檚 Billionaire Index. That number has since fallen to $55.3 billion, a loss of over 55 per cent.
Forbes now estimates the Meta CEO鈥檚 net worth at $55.3 billion.
The past 12 months have been tumultuous for Meta, which owns Facebook, Instagram, WhatsApp and Oculus.
The company announced it would shift to a 鈥榤etaverse鈥� and unveiled a massive rebrand in October of 2021.
Following the announcement, Facebook went on to report its first-ever decline in users. In the last quarter of 2021, the social media platform lost nearly one million daily active users. In the second quarter, Meta鈥檚 net income dropped 36 per cent, resulting in a loss of over $3 billion.
This year, Meta has cut down on hiring amid an economic downturn, which has sent shockwaves through the tech sector. According to Reuters, Meta reduced its hiring target for engineers in 2022 by nearly a third.
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