CEO of Meta, Mark Zuckerberg has lost $70 billion in worth and dropped 20 places on the list of the world’s richest people.
Forbes has now calculated Zuckerberg’s net worth to be $53.4 billion, down from Bloomberg’s Billionaires Index’s initial estimate of $125 billion.
Data indicated he would lose more than 55% of his value.
When Zuckerberg announced a rebranding in October, becoming a meta-verse firm. Meta’s Facebook saw a significant drop in users in late 2021.
In addition to Facebook, Meta is also the owner of Oculus, Instagram, and WhatsApp.
After whistleblower Frances Haugen claimed to have viewed internal corporate records and discovered that Instagram was causing eating problems among adolescent girls, the brand came under even more scrutiny and saw a decline.
CEO of Tesla, Elon Musk continues to lead the list of the richest people, followed by Indian businessman Gautam Adani, who shot up the rankings this year.
Bill Gates, Bernard Arnault, and Jeff Bezos are all included on the list.