Mark Zuckerberg lost $71,000,000,000 in the last year alone

Mark Zuckerberg misplaced roughly half of his internet price final 12 months (Image: Chip Somodevilla/Getty Pictures)

It’s been a tricky 12 months for tech. But it surely’s been particularly powerful for Mark Zuckerberg.

The Fb founder has misplaced $71 billion dollars — roughly half of his internet price — over the past 12 months alone: the steepest fall of any main tech billionaire.

Over the primary 12 months of the pandemic, the worth of tech corporations like Amazon, Google and Zoom hit dizzying heights as customers stayed house.

However because the world opened again up, their shares started to tumble — as did the mammoth fortunes of their founders.

Tech leaders from Jeff Bezos to Larry Web page and Sergey Brin have all misplaced tens of billions of dollars over the past 12 months. However Meta’s chief government has fared the worst.

The value of the corporate’s shares have fallen dramatically too, from $357 to $146 over the past 12 months.

So why is Meta being hit so arduous?

Mark Zuckerberg and different tech bosses have misplaced tends of billions of dollars within the final 12 months (Credit: metro.co.uk / Getty Pictures)

There are a number of components behind the corporate’s notably sharp decline. For one, its social media platforms are dealing with stiff competitors from youthful, more energizing apps.

Instagram, for instance, is attempting to claw again customers from rivals like TikTok, Snapchat and the fast-growing BeReal platform with new options typically derided as copycat.

The app u-turned on TikTok-style modifications earlier this 12 months after a backlash from excessive profile customers like Kim Kardashian.

Issues aren’t trying significantly better for flagship social community Fb both, which admitted it its month-to-month person base skilled zero progress in February.

However consultants say a scarcity of customers is simply a part of the story.

Mark Zuckerberg explores the Metaverse (Credit: Fb)

Zuckerberg’s expensive voyage into the metaverse is regarded as hitting firm shares arduous.

Meta has made huge investments in its founder’s digital actuality imaginative and prescient over the past 12 months and, in keeping with Zuckerberg, expects to face ‘vital’ losses on this space over the following three to 5 years.

If it weren’t for these investments, Meta would ‘can be extra consistent with the place Alphabet is,’ Bloomberg Intelligence expertise analyst Mandeep Singh instructed Yahoo Finance.

Though shares in Google’s guardian firm have fallen, they’re down round 29% versus Meta’s 54%.

However don’t really feel too unhealthy for Zuckerberg or his firm. He’s nonetheless price a cool $54.6 billion, with Meta presently valued at a whopping $392.62 billion.