Mark Zuckerberg's metaverse pivot is not paying off yet.
This year, the billionaire's fortune has dropped by a staggering $71 billion, making him the 20th richest person in the world.
That's still a lot of money. It's the lowest place he's been in in eight years. He was the third person in the world with almost twice the net worth.
Even Microsoft co-founder Bill Gates and Amazon founder Jeff Bezos have not lost as much as 2022. In the metaverse, there is a lot of trouble for Facebook.
The month before the company's name change and pivot to the metaverse was when Facebook's highest valuation in recent memory happened.
The concept of a virtual playground that requires the company's own clunky virtual reality hardware to visit has been doubled down on by Facebook.
It's no wonder investors are not happy with the bet. Experts are now saying that Meta is going to be taken down by Facebook.
Senior Harvard Business School fellow Bill George told CNBC last week that he didn't think Facebook would do well as long as he was there. Many people are turning away from the company because of him. He's lost his mind.
The company's finances are in bad shape. According to the company's recent earnings reports, TikTok stole users from Meta.
The fate of Meta is something that has been put in the hands of the man. The majority of his net worth is tied up in the company's stock, giving him immense power over the company that he founded.
It will be interesting to see if he can prove investors wrong and turn his vision for Meta into a meaningful new direction. The new virtual reality headset will be released next month.
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