Meta CEO Mark Zuckerberg’s 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’s estimated worth was at $125 billion, according to Bloomberg’s Billionaire Index. That number has since fallen to $55.3 billion, a loss of over 55 per cent.
Forbes now estimates the Meta CEO’s 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 ‘metaverse’ 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’s 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.