Tech billionaires have suffered massive losses this year, according to a report by Bloomberg. One entrepreneur in particular stands out: Mark Zuckerberg. According to estimates by the US business magazine, the meta boss lost more than 71 billion US dollars within nine months.
Less than two years ago, Zuckerberg’s net worth was $106 billion. In September 2021, the 38-year-old was even worth 142 billion dollars (143.7 billion euros) – his personal record. He was in the top ranks of the global list of billionaires along with Amazon entrepreneur Jeff Bezos and Microsoft founder Bill Gates.
Less than a year later, Zuckerberg’s fortune has halved. The Meta boss currently ranks 20th on the global list of billionaires with a net worth of $55.9 billion (56.6 billion euros).
According to “Bloomberg”, the losses were associated, among other things, with the change in strategy of his group. In October 2021, Facebook became Meta – and the increasing profits turned into losses. The group was also punished by investors. When Facebook failed to report growth in its users in early 2022, its share price fell to a record low. Zuckerberg suffered one of his biggest single-day fortune losses — he was $31 billion poorer. He has invested most of his wealth in meta stocks.
In addition, according to experts, its platforms have lost many users to the competing video platform TikTok. Another factor that must be taken into account: The company has invested a lot of money in the development of the metaverse in recent months.
Jeff Bezos also has to take losses
The tech industry as a whole is suffering from reduced marketing spend from firms reluctant to spend due to concerns about an economic downturn. Jeff Bezos, for example, lost $47 billion this year and slipped from second to third place in the ranking with $142 billion.
He was replaced by the Indian entrepreneur Gautam Adani, who is worth 144 billion. The business areas of the Adani Group include raw materials, logistics, agriculture and energy supply. At the top of the ranking is Tesla CEO Elon Musk with a net worth of $262 billion.
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