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HomeBusinessMark Zuckerberg's Wealth Declines by $71 Billion, Heavy Focus on Meta

Mark Zuckerberg’s Wealth Declines by $71 Billion, Heavy Focus on Meta

Mark Zuckerberg, the founder of Facebook (Meta), one of the top social media sites, has suffered a huge loss due to the company’s rebranding and increasing focus on the metaverse. This year his wealth has reduced by almost half. His net worth ranks 20th among global billionaires, the lowest rank in the last eight years.

According to the Bloomberg Billionaires Index, Zuckerberg’s wealth has decreased by about $71 billion. His net worth is estimated to be around $56 billion. Until two years ago, he was third in Global Billionaires behind Jeff Bezos and Bill Gates. In September last year his company Zuckerberg’s wealth increased to about $142 billion when the stock price of the company reached $382. After this he changed the name of his company from Facebook Inc to Meta. With this, troubles had started for Zuckerberg. The company had told in February that there has been an increase in Facebook users. Its share price also fell drastically.

Even from the economic slowdown Meta business has been affected. The company’s heavy investment in Metaverse is causing weakness in its stock. Experts say that there will be a huge expenditure on this project in the next few years. Apart from this, the company is also grappling with the scrutiny of regulators and some legal matters. The company’s Metaverse division has once again suffered heavy losses in the second quarter of this year. Zuckerberg said in the quarterly results announcement that the division, called Facebook Reality Labs (FRL), had a loss of about $2.81 billion. It generated revenue of $452 million, which is about 35 percent less than the previous quarter. Despite this, Zuckerberg is confident that Metaverse technology will benefit the company in the coming years. “It’s going to cost a lot for the next several years. I’m sure we’ll play an important role in building this as the use of the Metaverse grows,” he said.

FRL has been assigned the responsibility of developing hardware, software and content to fulfill the company’s plan to become a major force in the metaverse. For this, this division is hiring tech workers from big companies like Apple and Microsoft. These especially include people associated with Augmented Reality.

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