The Co-founder of Meta, Mark Zuckerberg has lost billions in 2022 and has now fallen out of the top 10 richest people in the world.
Bloomberg Billionaire Index report revealed that he lost more than 50% of his wealth in 2022.
Bloomberg revealed that 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.
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.