Mark Zuckerberg, CEO of Meta, has had a $70 billion decline in net worth so far this year, dropping him to the 20th richest person in the world, according to estimates.
According to Bloomberg’s Billionaires Index, Zuckerberg began the year with a wealth worth $125 billion. However, since then, it has fallen to $55.3 billion, a decrease of slightly over 55%, per the data. His net worth, according to Forbes, is $53.4 billion.
Meta, which owns Facebook, Instagram, WhatsApp, and Oculus, has had a turbulent year since Zuckerberg announced it will become a “metaverse” corporation and then presented a big rebranding last October. Following that, Facebook reported its first-ever drop in user numbers, dropping approximately one million daily active users in the fourth quarter of 2021.
Last October, whistleblower Frances Haugen published material from internal corporate documents, including claiming to have seen internal study that suggested Instagram contributed to eating problems and suicidal thoughts in teenage girls.
Meta’s net income fell 36%, or more than $3 billion, in the second quarter from the same period in 2021.
Tesla and SpaceX CEO Elon Musk tops the rich list by a long shot, with Bloomberg putting his wealth at $268 billion.
Indian industrialist Gautam Adani, Amazon founder Jeff Bezos, French luxury-goods magnate Bernard Arnault, and former Microsoft CEO Bill Gates make up the rest of the top five.
At 20th, Zuckerberg is just behind Jim, Rob, and Alice Walton, the children of Walmart cofounder Sam Walton.