Happy Metaverse: It’s been a year since Meta rebranded, and Mark Zuckerberg has lost over $100 billion in that time.
The loss, which covers about 13 months (starting in September 2021), was reported by the Bloomberg Billionaires Index, which tracks the net worth of people like Zuckerberg, Jeff Bezos and Bill Gates.
Meta reported quarterly earnings on Wednesday that missed expectations and showed a second straight quarter of revenue declines. Reality Labs, the metaverse division, has lost $9 billion by 2022.
The company’s stock fell from about $128 to $98 on Wednesday’s earnings report, down about 24%.
Zuckerberg’s wealth is largely tied to the work of Meta Platforms – he owns more than 350 million shares of the company – his wealth decreased by 11 billion this week, the publication noted.
It is ranked No. 28 in the Bloomberg index as of Friday morning, up from No. 3 in May 2020.
Nevertheless, Zuckerberg, despite skepticism from all sides, followed the direction of his company’s billion-dollar loss Metaverse.
The Meta investor wrote on Medium on Monday that the company had moved to “overwhelming country – too many people, too many ideas, too little urgency” and had to cut staff and limit the amount of money pouring into Reality Labs.
The founder of Oculus, who sold the company to Meta in 2014, said Monday that the company’s Metaverse is “not good, not fun.”
In addition to the investor bashing, Meta has even been recently remembered after posting a picture of what looked like a badass Zuckerberg avatar on Horizon Worlds and then baring his legs at the annual virtual reality conference.
Mark Zuckerberg’s Meta Connect 2022 avatar.
The company also reported a decline in users for the first time in February 2022. It started trading at around $340 per share. As of Friday morning, its price is down nearly 70% this year.