The most important word in the English language for Mark Zuckerberg right now is perspective.
Here’s why; the CEO of Facebook’s parent company Meta has seen his fortune evaporate this year. That might be the understatement of the week because when you read these numbers, you may not believe it.
According to Bloomberg, Zuck’s net worth has plunged over 100 billion dollars in the last 13 months. Again, not a misprint, $100 billion.
He peaked out last September at $142 billion and currently sits at $38 billion, and who knows, it could be less by the time the markets close.
It’s been a rough year for almost all the wealthiest people in the world, but nobody has been crushed like the former boy wonder from Harvard. He may have to go back to wearing hoodies and living in the office instead of surfing and MMA fighting.
The week has completely sucked for Zuck. His company released quarterly earnings, and If investors had their way, they might suggest he crawl into his beloved metaverse and never come out.
The earnings report for the company formerly known as Facebook showed that revenue declined again, and their decision to spend $10 billion a year on Zack’s new fad seemed like it might not work out that great.
The impact of the report was pretty rough. The stock fell almost 20% in trading after hours, falling to $105.20, which could go down as the lowest price for a share since 2016.
Many investors are worried about the cash burn and its overall obsession with the metaverse, considering most people have no clue what the heck it is.
Here’s a quote from shareholder Brad Gerstner, the CEO of Altimeter Capital.
“Meta has drifted into the land of excess — too many people, too many ideas, too little urgency. This lack of focus and fitness is obscured when growth is easy but deadly when growth slows and technology changes.”
On the year, Metaverse stock is down 61%.
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