Facebook’s stock ended at an all-time high of $378 per share on September 10, 2021. Mark Zuckerberg had a $140 billion net worth at that point. That made him the fifth-richest person in the world, trailing only Elon Musk ($204 billion), Jeff Bezos ($184 billion), Bernard Arnault ($168 billion), and Bill Gates ($150 billion).
On November 10, exactly two months after the announcement that it would change its name, Facebook announced that it would now be known as “Meta,” a reference to the much-discussed (and maybe meaningless) “metaverse,” which Mark Zuckerberg apparently thinks will be the next great thing.
The stock price was still a very good $340 per share when the corporation announced the new name on November 10; this gave Mark a still very respectable $127 billion net worth, which was still sufficient to keep him in fifth place among all the richest people in the world.
At the same time, the top tiers of lists of the richest persons in the world saw a significant shift in the goalposts. Elon Musk’s net worth momentarily exceeded $340 billion on November 4 when Tesla’s stock price reached a record high.
Elon was able to overthrow John D. Rockefeller as the richest person in contemporary history because of that amount alone. By mid-November, Bill Gates was estimated to be worth $135 billion, and around $175 billion was Bernard Arnault’s net worth. Bezos has a $200 billion net wealth.
The price of Facebook’s shares is $99 as of this writing. Compared to some years back, the value has decreased by 70%. As you might expect, Mark Zuckerberg’s wealth has been severely impacted by a 70% decline in the value of Facebook’s stock.
Mark Zuckerberg is no longer among the top five richest individuals in the world at $99 per share. He is not among the top ten or the top twenty or the top thirty. Mark currently has a net worth of $36 billion, placing him at position 33. Mark Zuckerberg suffered the worst financial loss in 2022.
Mark’s wealth has decreased by close to $90 billion from the beginning of this year till now. A whopping $104 billion has been removed from his previous record-breaking wealth of $140 billion which started in September 2021. Mark Zuckerberg’s net worth has decreased by $104 billion from September 10, 2021, until the present.
The Obvious Question At This Point is: Is Mark’s fall over at this point, or is there still more room for him to fall?
Mark appears to have no intention of reversing direction despite having staked all on the metaverse. His efforts to turn the metaverse into a (virtual) reality are costing him countless billions of dollars in the meanwhile.
Being a shareholder of a small number of Facebook shares purchased prior to the 70% decline… For my part, I would adore it if Mark returned to the core competencies of Facebook and wrapped up the metaverse: Selling sensitive personal data to advertising while also destroying democracy and society as a whole!