By: Natasha Archary
Mark Zuckerberg’s net worth has taken a knock as the tech titan loses $71 billion this year.
The co-founder of social media platforms, Facebook and Instagram, is suffering severe losses from his parent company Meta Platforms Inc.
Attempting to “own” the metaverse, Zuckerberg’s massive loss is due to a decline in stock and the company’s investment in the futuristic, hypothetical online world.
Despite the entire tech industry dealing with a slump in profits, Zuckerberg’s staggering $71 billion loss sticks out like a sore thumb.
It means the American businessman falls to the 20th richest person in the world.
He was worth $106 billion 2-years ago and while the knock comes post the Covid-19 pandemic, his “meta-loss” will cost him in the real world.
Company shares peaked this time last year when Zuckerberg enjoyed the $382 per share value which saw him sitting pretty with $142 billion.
The billionaire, who is expecting his third child with his wife Priscilla Chan, doesn’t seem too phased by his failures in the meta-realm.
But, the concern is that Facebook and Instagram are losing users to TikTok which is fast becoming the biggest social media platform offering a range of video content.
TikTok is also gaining popularity with celebrities and is the preferred choice for brands who want to collaborate with influencers and/or advertise their products.
According to a report in Bloomberg, Zuckerberg started recording loses in February, when stock price fell by $31 billion. His platform, Instagram has also taken a hit due to changes to the video elements which a number of celebrities, including Kylie Jenner have criticised.
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