Fb CEO Mark Zuckerberg speaks at Georgetown College, Thursday, Oct. 17, 2019, in Washington. Nick Wass, Related Press
Fb founder Mark Zuckerberg took a success to his web price this 12 months. In accordance with the New York Publish, Zuckerberg misplaced greater than half his web price — a complete of $71 billion.
How did Zuckerberg lose a lot cash?
Zuckerberg’s fortune took a dip from $125 billion to $53.4 billion because the starting of this 12 months. In accordance with Insider, Meta has had a tough 12 months since its huge rebrand.
The rebrand of Fb to Meta, and give attention to the “metaverse,” price $10 billion in investments final 12 months alone, in accordance with the New York Publish.
In February, the corporate reported a lower in Fb customers, which triggered a collapse in inventory value, in accordance with Bloomberg.
One other contributor to Meta’s decline and Zuckerberg’s fortune is the model’s controversy when Frances Haugen leaked paperwork about analysis which discovered that Instagram influenced consuming problems and suicidal ideas in teenage women.
Meta social websites have additionally misplaced customers to TikTok. The video platform has been competitors to Meta. The corporate reported its first income decline in historical past in July.
Meta’s decline in income
In accordance with Fortune, within the first three months of this 12 months, Meta misplaced $2.96 billion.
One issue of this lower in income is Apple’s App Monitoring Transparency, which lets iPhone customers decide whether or not they need apps, reminiscent of Fb, to trace on-line actions to focus on commercials, per The New York Occasions.
Apple’s replace supplies much less knowledge for Fb to become profitable from its important supply of revenue, promoting income.