Meta-Business going downhill for Zuckerberg

Data shows that the famous tech billionaire, Mark Zuckerberg, has faced a major rebuff in the Metaverse business. Mr. Zuckerberg has lost $71 billion in wealth after investing in the concept of Metaverse.

Bloomberg shared a report in which Zuckerberg's fortune comes down to nearly half of what it used to be, leaving him on the rank of 20th among global billionaires. It is considered to be the lowest ranking since 2014.

The reports say that Zuckerberg’s net worth is around $55.9 billion, and he has been graded further down than three Walton and two Koch family members. He controls 350 million shares of the corporation. In his recent interview with Joe Rogan, he claimed to be a product designer and provided a video of himself practicing MMM.

The 38 years old has seen major success in his career from the beginning. The bloom in the business brought him $106 billion in less than two years, including him in the company of well-known billionaires around the globe, such as Jeff Bezos and Bill Gates.

The success brings about the idea of changing the most followed social media medium Facebook Inc. to Meta. This launch has not been fortuitous as it turned out to be going downhill since its invention. Since then, the tech world has not gotten a hold of it as it tries to regain its position.

Moreover, recent reports of earning through the medium have proven bleaker. In 2022, the revenues have dropped to $31 billion, making it a historic drop in the stock market.

It all began when the firm disclosed that it had marked no growth in monthly Facebook users. Furthermore, the TikTok reels sensation also shadowed the Instagram reels, leaving Zuckerberg on the verge of exile from the tech world.

The industry, as a whole, is on the verge of collapse because of the economic slowdown. Laura Martin, the senior internet analyst at Needham and Co., stated that the stock invested in the Metaverse is being pulled down.

As said by the founder, Zuckerberg, the company will lose “substantial money” in the coming three to five years. Moreover, Martin also said that the company needs to gain viewers from TikTok as it is reducing industrial revenues.

Many companies have performed worse in the year 2022. For instance, Menlo Park, a California-based company, performed worse than the majority of its FAANG counterparts. It has reported a degradation of 57% this year, significantly higher than Apple Inc. 14% drop, Inc.’s 26% drop, and Google parent Alphabet Inc.’s 29% drop.

Meta, on the other hand, has dropped down to 60%. Considerably higher than most companies. Meta is also closing down its 2022 loss gap with Netflix Inc. Technology analyst at Bloomberg Intelligence, Mandeep Singh, claimed that if Facebook prevented entering into the Metaverse business, it could’ve been more in line with where Alphabet is.

He further advised the founder that he could avoid these major breakdowns by shifting the focus to other businesses like WhatsApp or Instagram. Yet, it is significant to note that Zuckerberg’s half fortune has been spent in the making of Meta stock.

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