Meta’s CEO, Mark Zuckerberg, is on the agenda with the billions he has lost. Zuckerberg lost 70 billion dollars in 9 months, enough to build 70 third bridges. The meltdown in his wealth pushed him down to the 20th place on the list of the richest people in the world. Companies that Zuckerberg manages include Facebook, Instagram and WhatsApp. It is calculated that Zuckerberg, who lost 55 percent of his wealth in nine months, has $ 55.3 billion left.
According to Haber Global, the decline in Zuckerberg’s wealth cannot be evaluated independently of Facebook’s performance. In the last quarter of 2021, the company, which lost members for the first time in its history and went through a major restructuring before that, determined Metaverse as the future of the company. Some uncertainties in the global markets due to the Russia-Ukraine war seem to have hindered this project a little.
On the other hand, Frances Haugen, a former Facebook employee, told the media that Instagram caused eating disorders and suicidal thoughts among young girls, causing the company to have a hard time.
GREAT INVESTMENT IN METAVERSE
Meta’s revenues fell 36 percent in the second quarter of 2021, with the company losing more than $3 billion year-on-year. The company stated that it invested $10 billion in cash for Metaverse in 2021, which is close to 50 percent of its cash assets. Meta announced that it would hire 10,000 more people for Metaverse last April.