Mark Zuckerberg's net worth has plummeted so far this year that he is now the 20th richest person in the world.
According to the billionaires index, the founder of Facebook started the year with $125 billion in wealth. According to the data, it has fallen over 50% since then to $55.3 billion. He has a net worth of over $50 billion.
In the past year, Meta has undergone a number of changes, the most recent of which was a massive redesign last October. Facebook lost one million daily active users in the last quarter of the year.
The brand was accused of contributing to eating disorders and suicide thoughts in teenage girls by a woman who leaked information from internal company documents.
Meta's net income fell in the second quarter from the same period in the previous year.
Roughly 50% of the company's capital expenditure will be spent on metaverse investments in 2021, according to the proxy statement. Over 10,000 people worked on Meta's metaverse projects as of April.
The metaverse business isn't really going to be a meaningful contributor to the business until at a minimum later in this decade, and probably this decade is going to be about setting the foundation for that.
He said that successful companies should invest a lot of money in research and development.
The entire tech sector has been impacted by the economic downturn. The hiring target for engineers was reduced by a third.
Musk's wealth was put at $268 billion, making him the richest person in the world.
The rest of the top five include an Indian industrialist, an Amazon founder, a French luxury-goods magnate, and a Microsoft CEO.
The children of Walmart founder Sam Walton are at 20th.
All Rights Reserved © 2024
