For the?first time since 2015, Facebook founder and?CEO Mark Zuckerberg isn¡¯t listed among the 10 richest people in America.
The 38-year old Zuckerberg has lost more than half his fortune, i.e., a staggering $76.8 billion since September 2021, dropping him from the number 3 position on The Forbes 400 list?of the U.S.¡¯ wealthiest people to the 11th rank. The billionaire currently has a net worth of $57.7 billion on this year¡¯s list, and the fortune calculation has been done based on the stock prices from September 2nd, 2022, as per Forbes.
Over the past year, no one in America has lost as much money as Mark Zuckerberg.?
The list's?top 5?include?Elon Musk?($251 Billion),?Jeff Bezos?($151 Billion),?Bill Gates ($106 Billion), Larry Ellison ($101 Billion), and?Warren Buffett ($97 Billion) as the richest Americans, rank-wise.? Zuckerberg also trails Walmart heir Jim Walton, former New York City mayor Michael Bloomberg and other tech moguls, including ex-Microsoft CEO Steve Ballmer and?Google?founders Sergey Brin and Larry Page.??
Forbes states that the billionaire has the cratering stock price of?Meta?(formerly Facebook) to thank for his exit from the top 10 richest list. The company¡¯s shares have plunged 57% since last year¡¯s Forbes 400 list¡¯s revelation, which used stock prices from September 3, 2021 for its calculation.
Even in general,?tech stocks are in a slump with the market downturn, but Meta¡¯s fall outpaces both the Nasdaq (-9.8%) and the S&P 500 (-13.5%), as well as Microsoft¡¯s 14% decline, Google-parent Alphabet¡®s 25% drop, and Amazon¡¯s 27% dive, the report mentioned.
As far as revenue is concerned, Meta reported its first-ever quarterly revenue decline in July 2022, i.e., a 1% drop, to $28.8 billion.
As per Forbes, Mark Zuckerberg became a billionaire in 2008 for the first time, which was just four years after founding Facebook. He was the youngest self-made billionaire at the time, debuting at 321 on the Forbes 400 list with a net worth of $1.5 billion at the age of 23. By the year 2011, Zuckerberg¡¯s net worth had increased nearly 12-fold to $17.5 billion.
And this recent slump that pushed him out of the top 10 this year isn¡¯t the first time Zuckerberg¡¯s net worth has taken a dive. After Facebook¡¯s famously disappointing IPO in 2012, Zuckerberg fell from 14th rank to 36th rank in The Forbes 400, the Forbes report mentioned. But the following year, he bounced back, and up until now, his fortune has continued to climb.
Zuckerberg¡¯s net worth soared to $134.5 billion last year, which was his highest net worth ever.
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As per the Forbes report, another problem for Meta is that TikTok?is luring away advertisers along with lucrative Gen Z and millennial?users. In February 2022, Meta reportedly announced its first-ever quarterly loss of daily active users. A recent internal report showed that Meta¡¯s TikTok clone, i.e., Instagram Reels, is struggling to compete, according to a Wall Street Journal report.??
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