Mark Zuckerberg lost $22 billion since changing Facebook's name to Meta

It’s been nearly two years since Zuckerberg renamed Facebook Meta. Since then, his fortune—mostly tied to his 13% stake in Meta—has declined significantly. But in recent months, it has shown signs of recovery.

Mark Zuckerberg's fortune to rebound strongly in 2023. (Photo: Chesnot)

According to the Bloomberg Billionaires Index, on October 28, 2021 – the day Facebook announced its name change, Zuckerberg had a net worth of $118 billion. As of June 9, he was worth only $96.5 billion. This represents a drop of nearly $22 billion on paper. Notably, in October 2022, his fortune was only about $37 billion due to the wave of tech stock sell-offs.

Meta shares fell sharply late last year after the company reported third-quarter results that fell short of expectations. The previous quarter, the company had lost hundreds of millions of dollars in market value due to dismal results and its first-ever user loss.

Despite a stock recovery in the first half of this year, 2023 is still a turbulent year for Meta, with large-scale layoffs, a series of problems with authorities and scholars, not to mention new competition from Apple in the virtual reality space.

At WWDC 2023, the iPhone maker introduced its Vision Pro mixed reality glasses. Notably, the company did not mention the term “virtual universe” once in any presentation about Vision Pro, distancing itself from the virtual world that Zuckerberg is betting on. An article in The Verge revealed that the Meta boss criticized Apple’s new device during a company-wide meeting on June 8, drawing a contrast between Vision Pro and Meta Quest.

Zuckerberg's fortune peaked in September 2021 at $142 billion, making him one of the richest people in the world. He fell out of the top 20 billionaires in 2022 due to a drop in Meta's stock price. However, he re-entered the top 10 this year.

(According to BI)

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