Mark Zuckerberg‘s personal fortune has nosedived to $76.8 billion in the last year, taking him off the list of the 10 richest people in America. He now holds the 11th spot on The Forbes 400 list of the U.S.’ wealthiest people.
Four years after launching Facebook, in 2008, Zuckerberg first hit the billion-dollar mark. When he debuted at No. 321 on The Forbes 400 with a $1.5 billion net worth at age 23, he was the youngest self-made billionaire ever. Zuckerberg’s net worth climbed by about a dozen times to $17.5 billion by 2011.
Following Facebook’s infamously underwhelming IPO in 2012, Mark Zuckerberg’s ranking on The Forbes 400 dropped from 14 to 36. But that wasn’t for very long. Zuckerberg recovered the next year, and his wealth has since continued to increase. Zuckerberg’s net worth soared to $134.5 billion last year, his biggest net worth ever, thanks to Facebook’s ad machine, which consistently produced enough cash to dazzle investors despite the company’s litany of scandals and controversies.
On this year’s list, which utilised stock prices from September 2, Zuck, who is valued at $57.7 billion, is behind other industry titans, including former Microsoft CEO Steve Ballmer, Walmart heir Jim Walton, former New York City mayor Michael Bloomberg, and Google founders Larry Page and Sergey Brin. Nobody in America has experienced a year of more financial loss than Mark Zuckerberg.
He dropped out of the top 10, which can be credited to his real estate purchases and Meta‘s (formerly Facebook) plummeting stock price.
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Forbes estimates that nearly all of Zuckerberg’s money is invested in Meta shares, indicating that he is placing his massive fortune and the long-term prospects of the company-on the metaverse. It will be interesting to watch if he can overcome his early setbacks.
The company is presently experiencing difficulties, though, as a global recession that is increasingly likely approaches. And a lot of specialists continue to have grave concerns about the Metaverse’s intended function.
Even while it seems like Zuckerberg and his business are losing money, it could not be just him. As Silicon Valley struggles with the possibility of a recession, other IT companies have also reduced their operations. Google stated last month that it will halt recruiting and reduce benefits. Microsoft and Apple have already imposed hiring curbs.
