Fast take:

Mark Zuckerberg’s large wager on the metaverse is starting to have a big influence on his wealth.In line with Bloomberg, the Meta Platforms CEO’s web price is down $71 billion for the reason that starting of the yr.Zuckerberg is now right down to twentieth on the billionaires checklist down from sixth in January based mostly on the newest Bloomberg Billionaires Index.

Mark Zuckerberg’s web price plummeted by a whopping $71 billion in 2022. The Meta Platforms founder’s large wager on the metaverse appears to be coming again to hang-out him together with his wealth struggling greater than his tech friends’ from the present market downturn.

The billionaire social media magnate has now slipped to the twentieth spot on the checklist of the world’s richest individuals, according to Bloomberg Billionaires Index. Zuckerberg ranked sixth in January.

The billionaire entrepreneur’s web price stands at $55.9 billion, down from $126.9 simply over eight months in the past. The Fb founder’s wealth peaked at $142 billion in September final yr, earlier than plummeting to the present ranges.

Zuckerberg’s web price has been on a downhill since his firm Fb rebranded to Meta in October final yr, the company identify that additionally homes Instagram, Fb Messenger Oculus VR, and Whats App, amongst others smaller firms.

Zuckerberg has been on the forefront of the marketing campaign championing the adoption of the metaverse since October final yr. His dedication to pursuing alternatives on this burgeoning business has contributed to the speedy progress of the market. However not with out challenges.

Zuckerberg revealed in February this yr whereas asserting the fiscal fourth quarter and full yr 2022 outcomes that Fb struggled so as to add to its month-to-month lively customers.

The corporate additionally introduced a big decline within the web earnings on account of its $10 billion bet on the metaverse. Since then, the inventory value has plummeted to the present degree of about $148 per share down from $323.00.

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