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Facebook boss’ mistakes ‘blew away’ $22 billion

Mark Zuckerberg went in the wrong direction, losing a whopping $22 billion after changing his company’s name from Facebook to Meta.

Business Insider reports that Facebook’s change of company name to Meta was Mark Zuckerberg’s bad choice. That decision wiped $22 billion off the founder’s fortune. The 13% stake in the company accounts for most of the billionaire’s fortune.

According to the Bloomberg Billionaires Index, in October 2021 (when Facebook announced its name change to Meta), Mark Zuckerberg is worth $118 billion. But as of early June, the Facebook founder’s net worth was only around $96.5 billion.

In October 2022, Zuckerberg’s net worth fell to a low of $37 billion due to the decline in the technology sector. In its quarterly report, Meta noted that business processes were not performing as expected. This is also the first time in history that the number of users has experienced the largest decline.

In September 2021, Mark Zuckerberg’s wealth peaked at $142 billion. The Facebook founder dropped out of the top 20 richest people in the world at one point as the stock price plummeted.

Despite a gradual stock market recovery, Meta is still struggling to find a way to grow, partly due to mass layoffs, according to Bloomberg. Facebook’s parent company is also facing regulatory pressure from Europe to compete with Apple after the family launched products using virtual reality technology.

Mark Zuckerberg is now among the top 10 richest people in the world with a fortune of $98.5 billion, but is still far behind Elon Musk and Bernard Arnault (two billionaires). Each billionaire is worth more than $200 billion). Dollar). Dollar).

Elon Musk, chief executive of electric car company Tesla, just reclaimed his title as the world’s richest man. The tech billionaire “pushed” tycoon Bernard Arnault into second place after shares in fashion group LVMH fell 2.6% in trading on May 31.

Before then, the title of world’s richest man was a game between Elon Musk and Amazon boss Jeff Bezos. But now, with luxury gaining a foothold in the struggling tech sector, the French tycoon has emerged as a new contender for the world’s richest man.

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