Co-founder and chief executive of Meta Platforms, Mark Zuckerberg has lost more than 50% of his wealth in 2022.
According to the Bloomberg Billionaire Index, the tech giant’s CEO is currently worth N58.6 billion, falling greatly from the triple-digit valuation of $125.5 billion year-to-date..
With his biggest assets in META US Equity, the uncertainty around tech space has continued to cause a plunge in the valuation of his net worth.
Notably, the dip comes a few months after the billionaire hit $142 billion, his all-time high last year. However, Zuckerberg is currently ranked 17th on the billionaire list, falling out of the first 10 positions.
What you should know
- The majority of Zuckerberg’s fortune is derived from a 13% stake in Meta Platforms, formerly Facebook owned through a series of trusts and holding companies.
- In 2022, tech stocks have declined greatly as central banks move to tame increasing inflation compared to the previous years when tech led the stock market.
- Over the past few months, tech firms have seen their valuations slashed in both the public and private markets.
- In September last year, Facebook reached $378.69 billion, its all-time high, around this time, Zuckerberg’s valuation was at its high. Meanwhile, as of today, the tech company is worth $159.10 reflecting in the billionaire’s wealth.
- In its Q1 2022 result, Facebook exceeded revenue expectations per user as well as earnings expectations. However, nearly all other key metrics missed, including monthly active users.
- Facebook’s revenues grew by 7% in the first quarter since it became a public company, marking the company’s first growth in the single digits in the past ten years. Analysts had predicted 7.8% growth.
- 97.5% of Facebook’s revenue came from its apps, including its core app, Instagram, and WhatsApp. Lastly, $695 million came from Reality Labs, the company’s attempt to create products in the metaverse.