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Mark Zuckerberg loses more than half of his fortune

2022-10-27 23:13:40Kosova&Bota SHKRUAR NGA REDAKSIA VOX
Mark Zuckerberg loses more than half of his fortune
Mark Zuckerberg

Facebook founder Mark Zuckerberg has lost more than $100 billion this year due to falling Meta shares, according to the Bloomberg Billionaires Index.

The 38-year-old is now estimated to be worth around $36 billion. By comparison, Tesla CEO Elon Musk has a fortune of $211 billion, Amazon founder Jeff Bezos $139 billion and Microsoft co-founder Bill Gates $110 billion.

The Meta company faces growing competition from other social media platforms like TikTok, as well as skepticism about its investment in Metaverse, a virtual world environment that Zuckerberg has said represents the future of the Internet.

Meta shares have fallen after the company confirmed the data in its third-quarter earnings report, along with billions of dollars in losses at the division dedicated to its ambitious "metaverse" project.

The Facebook company beat analysts' forecasts for revenue, but at the same time offered a weak forecast for the next quarter. The company reported $27.7 billion in revenue for the third quarter, a figure higher than the forecast of $27.4 billion; but at the same time 4% in less than the same period a year ago.

The earnings report marks the latest in a string of tough earnings calls for META, which has invested heavily in new products that have struggled to generate profits over the past year. In February, the company lost $230 billion in market value, in what was considered the biggest one-day loss in U.S. history, and its shares fell 26%. A day earlier, the company's stock fell 18% in the markets, as investor concerns grow about the company burning resources on new products.

META's costs and expenses increased 19% year over year in the third quarter. It has poured huge sums of money into metaverse, the virtual reality project, and has so far recorded very little profit. Reality Labs, its metaverse segment, posted a $3.7 billion loss this quarter, and the company said it expects those losses "to increase significantly year-over-year" in 2023.


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