Mark Zuckerberg’s wealth decreased by $ 71 billion, heavy focus on meta

Mark Zuckerberg, the founder of Facebook (Meta), included in the top social media sites, has suffered huge losses due to the company’s rebranding and increasing focus on the Metaverse. This year his wealth has reduced by almost half. His net worth is ranked 20th among Global Billionaires, which is the lowest rank in the last eight years.

According to the Bloomberg Billionaires Index, Zuckerberg’s wealth has decreased by about $ 71 billion. His total wealth has come down to around $56 billion. Till two years ago, he was third in Global Billionaires after Jeff Bezos and Bill Gates. In September last year his company Zuckerberg’s wealth had increased to about $ 142 billion, with the stock price reaching $ 382. After this he changed the name of his company from Facebook Inc to Meta. With this, difficulties began for Zuckerberg. The company had told in February that there has been an increase in the users of Facebook. There was also a huge fall in its share price.

Even from the economic slowdown meta Business has been affected. The company’s heavy investment in the Metaverse is causing weakness in its stock. Experts say that there will be huge expenditure on this project in the next few years. Apart from this, the company is also battling with the scrutiny of regulators and some legal matters. The company’s metaverse division has once again posted huge losses in the second quarter of this year. Zuckerberg had told in the announcement of quarterly results that the loss of this division called Facebook Reality Labs (FRL) was about $ 2.81 billion. It achieved revenue of $452 million, which is almost 35 percent less than the previous quarter. Despite this, Zuckerberg is confident that the company will benefit from Metaverse technology in the coming years. “It’s going to be a big spend for the next several years. I’m sure we’ll play an important role in building it out as the use of the metaverse grows,” he said.

FRL has been tasked with developing the hardware, software and content to support the company’s plans to become a major force in the metaverse. For this, this division is hiring tech workers from big companies like Apple and Microsoft. These especially include people associated with Augmented Reality.

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