Mark Zuckerberg lost $11 billion of his personal fortune in a month

İnteresting 17:34 06 Nov, 2022
Mark Zuckerberg lost $11 billion of his personal fortune in a month

October was not a good month for Mark Zuckerberg.

Aside from the WhatsApp crash last week and the Instagram crash this week, and in the aftermath of Meta's bad reporting, Zuckerberg lost $11 billion of his personal fortune, pushing the amount he's lost this year to no less than $100 billion. Zuckerberg, who regularly topped the list of the world's richest people, dropped to 29th on the list. reports about this. This is because Meta (formerly Facebook) has lost a whopping $700 billion of its value. 

"At its peak, Meta was valued at just over a trillion dollars, and this week it was trading at $263 billion," explains Danny Feld. "It's still a big company, but it's currently worth less than Home Depot and Nvidia."

On paper, Meta has plenty of reason to be optimistic: Facebook is still number one among major networks with 2.91 billion users, while WhatsApp and Instagram are third and fourth with 2 billion users and 1.48 billion users, respectively. In addition, in the last quarter, the Meta companies increased the number of users, and now they have 3.71 billion users.

In addition, Meta is responsible for some of the largest acquisitions in history.

“The main purchase is Instagram. Meta bought it when it had 35 billion users for a billion dollars, and today Instagram alone is probably worth $100 billion, which is more than a third of the value of Meta as a whole,” explains Danny Feld. 

However, financial reports show that the Meta group's revenues are declining. The current quarter is the second quarter in a row that the group's overall revenue has declined. In the most recent quarter, the group's revenue was $27.237 billion, down a billion dollars from last year.

Most alarming is the company's net profit, which is declining from quarter to quarter. In the 3rd quarter of 2021, the company's net income was $9.194 billion, while in the last quarter it was only $4.395 billion.