- Mark Zuckerberg introduced a year in the past that Facebook had rebranded to develop into Meta.
- The rebrand mirrored Meta’s determination to make investments closely in its metaverse enterprise.
- Meta inventory, which accounts for many of Zuckerberg’s wealth, has since crashed.
It’s virtually a year since Mark Zuckerberg rebranded Facebook as Meta to mirror his firm’s push into the so-called “metaverse.”
Since that time, his wealth — virtually all of which is tied up in his 13% holding in Meta — has plummeted in tandem with the firm’s inventory worth.
Zuckerberg was worth $118 billion on October 28, 2021 — the day the Meta rebrand was introduced — in accordance to the Bloomberg Billionaires Index.
This morning, his net worth was about $37 billion, in accordance to Insider’s personal calculations based mostly on Bloomberg’s index.
That’s a lack of almost $81 billion, or 68%, in the year since the rebrand was introduced.
On Wednesday night time, Meta reported third-quarter earnings that missed Wall Street’s forecasts by a large margin. By 09:43 a.m. ET on Thursday, Facebook inventory had crashed 23.4%, to $99.39.
Even earlier than the firm’s third-quarter earnings report Wednesday, Zuckerberg had already seen his fortune fall by 61% for the 2022 calendar year. He began the year with a net worth of around $125 billion, which had slumped to $48.9 billion simply earlier than Wednesday’s earnings report, per Bloomberg.
Zuckerberg’s wealth peaked at $142 billion in September 2021, per Bloomberg, placing him amongst the richest folks in the world. The tech CEO is now properly exterior the high 20.
Meta’s speedy decline started in February 2022, when the firm reported zero progress in Facebook customers. This hammered its inventory worth and knocked about $30 billion from Zuckerberg’s fortune in certainly one of the largest single-day declines in wealth on file.
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