Mark Zuckerberg’s wealth cut in half during past year

Mark Zuckerberg has dropped out of the top-10 richest Americans list for the first time since 2015.

The Facebook founder has lost a whopping $76.8 billion (£69.2 billion) since September 2021, according to a report from Forbes.

His current net worth is now estimated at $57.7 billion by the US business magazine.

READ MORE: School kids drop like flies as '100 poisoned with food laced with cocaine'

Zuckerberg is now CEO of Meta – the company that owns Facebook, Instagram and WhatsApp.

A large percentage of his wealth is still tied up in Meta stock, which has tumbled in recent years.

One key factor in that downturn came when Apple introduced privacy controls that stopped mobile apps like Facebook being able to access user data that was deemed vital to advertisers on such platforms.

With so many people primarily using Facebook, Instagram and WhatsApp on their iPhone devices, it has led to doubts from investors regarding Meta's future as an ad revenue giant, which has seen stock prices plunge by 57% over the last 12 months, according to Forbes.

When Facebook revealed that its user base had reduced for the first time in its 18-year history earlier this year, its stock also fell by 26% in just a single day.

Chinese-owned TikTok, meanwhile, has emerged as a major rival for user attention and is enjoying a boom as Facebook's numbers decline.

To stay up to date with all the latest news, make sure you sign up to one of our newsletters here.

Zuckerberg's vision for Meta to become a virtual reality universe platform is also looking a little flawed now.

Having invested huge sums of cash in technology that has not proved as popular as he envisaged, significant revenue has not been raised from that area of the business, meaning Meta's overall profitability has also been compromised.

Zuckerberg remains the 11th richest person in the United States, behind individuals such as Walmart heir Jim Walton, software company CEO Michael Bloomberg, and former Microsoft CEO Steve Ballmer.

The richest man in America is still Tesla boss Elon Musk with an estimated net worth of $251 billion.

READ NEXT

  • Gruesome footage shows 'serial killer' orcas attack great white and eat its liver

  • Teacher sacked for OnlyFans plans to make millions from report card d**k ratings

  • Furious tourist smashes Vatican City statues after being refused Pope meeting

  • Heartbreak as dad kills own two-year-old daughter by running over her with his tractor

  • Drugged-up 'monks' arrested during daring getaway from mountainside temple

Source: Read Full Article