Meta Chief Executive Officer, Mark Zuckerberg, is not one of the 10 richest people in America for the first time since 2015, according to Forbes.
Zuckerberg has lost more than half of his wealth, an astounding $76.8 billion, falling from No. 3 on The Forbes 400 ranking of the wealthiest Americans to eleventh place.
On this year’s list, which utilized stock prices from September 2, Zuckerberg, who is valued at $57.7 billion, is behind other industry titans like former Microsoft CEO Steve Ballmer, Walmart heir Jim Walton, former New York City mayor Michael Bloomberg, and Google founders Larry Page and Sergey Brin. Nobody in America has experienced a year of more financial loss than Mark Zuckerberg.
“Facebook makes most of its money from advertising; and now it just doesn’t have that data anymore. All those data signals went away; which means that advertisers are having trouble telling whether a campaign was successful or not,” Zgutowicz stated.
Compounding the problem for Meta, TikTok is luring away advertisers, along with lucrative Gen Z and millennial users. In February, Meta announced its first-ever quarterly loss of daily active users. A recent internal report showed that Meta’s TikTok clone, Instagram Reels, is struggling to compete.
This is not the first year that Zuckerberg’s net worth has decreased. Following Facebook’s infamously underwhelming IPO in 2012, Mark Zuckerberg’s ranking on The Forbes 400 dropped from 14 to 36. But that wasn’t for very long. In the year that followed, Zuckerberg recovered, and his net worth has since been increasing until recently.
Zuckerberg became the youngest self-made billionaire in 2008 just four years after founding Facebook.