Meta saw sustained funding for the company's metaverse efforts in the past months of 2022, but it does not necessarily gain the upper hand or a return on its investment in the project. This September, Mark Zuckerberg's profit saw a significant drop, with a massive $71 billion loss, more than half his previous valuation.
Mark Zuckerberg Loses $71B of Wealth
Bloomberg reported that Mark Zuckerberg saw a plunge in his overall wealth, and it has already knocked him off the top charts among names like Elon Musk, Jeff Bezos, and more. Zuckerberg lost a significant amount, with a reported $71 billion loss during this year, putting him way below other billionaires in the league.
The report claims that this $71 billion drop is more than half of his previous net worth, and it only shows that Meta and its CEO are in deep waters now, marking it as one of the crucial moments for the company.
The Bloomberg Billionaires Index placed Zuckerberg at the 20th spot, below members of the Walton family and under two Koch family members.
The Meta CEO is known for previously surpassing the Waltons and Koch before.
Metaverse Focus is Costing Zuck
There are claims which point to Meta's metaverse as the thorn which pricks Zuck's money bag and causes him to lose billions in the process. Many experts also believe that the metaverse development is costing Meta significantly, beginning on its previous shift last October 2021 to the digital world, something which the company has not yet delivered now.
Meta's Metaverse
Meta is not that sustainable for the company, according to many analysts and speculators who look closely at the company's ventures and many projects available. Many Harvard experts believe that Mark Zuckerberg is already failing Meta due to his ambitions and projects, which focus more on losses instead of earnings.
It is a significant challenge and wake-up call to Meta and Mark Zuckerberg on their business now, especially as other factors also face the effects of these current events.
Meta previously reported that Facebook's revenue drop took place last July, and this is the first time that its social media platform has lost money since it was first released in 2004. It is a monumental loss for the company, marking 2022 as one of the poorest performing years in its almost 20 years in the business, despite the many sources of income present.
The company was seeing a significant dent in its funds earlier this year, and present numbers also saw its CEO and founder following the same trend. It only shows that the company is losing more money than it makes, especially with new ventures that it aims to bring to the world, particularly with the metaverse's current development.
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Written by Isaiah Richard
