Happy Meta-versary: It’s been one year since Meta rebranded, and Mark Zuckerberg has lost over $100 billion in just about that time.
The loss, which covers about 13 months (since September 2021) was reported by Bloomberg’s Billionaires Index, which tracks the net worth of people like Zuckerberg, Jeff Bezos, and Bill Gates.
On Wednesday, Meta reported quarterly earnings that missed expectations and clocked in a revenue decline for the second quarter in a row. Reality Labs, aka metaverse division, has lost $9 billion so far in 2022.
From Wednesday to Thursday on the earnings report, the company’s stock fell from about $128 a share to $98, a drop of some 24%.
Zuckerberg’s wealth has a lot to do with how Meta Platforms is performing — he owns over 350 million shares in the company — his wealth dropped by 11 billion just this week, the outlet noted.
He is now ranked 28 on Bloomberg’s index as of Friday morning, down from No. 3 in May 2020.
Nevertheless, Zuckerberg had clung to his company’s billon-dollar-losing pivot to the Metaverse, despite skepticism pouring in from all sides.
A Meta investor wrote on Medium on Monday that the company has “drifted into the land of excess — too many people, too many ideas, too little urgency” and should cut employees and limit the amount of money it’s pouring into Reality Labs.
The founder of Oculus, who sold the company to Meta in 2014, said Monday the company’s metaverse is “not good, it’s not fun.”
Besides the investor hammering, Meta even came under meme-fire of late after posting what looked like a shoddy avatar of Zuckerberg in the Horizon Worlds and then revealed legs at its annual virtual reality conference, only to say later it was a projection.
Mark Zuckerberg’s avatar at Meta Connect 2022.
The company also reported a user decline in February 2022 for the first time ever. It started the year trading at about $340 a share. As of Friday morning, its price is down about 70% this year.