Shulou(Shulou.com)11/24 Report--

Beijing, September 20 (Xinhua) Facebook parent company Meta CEO Mark Zuckerberg (Mark Zuckerberg) has paid a high price in the real world for his strategy of betting on meta-universe.

▲ Zuckerberg bet on meta-universe to pay the price

Although almost all American tech giants have had a tough year, Zuckerberg's shrinking wealth is still remarkable. So far this year, his wealth has more than halved to $71 billion (497.5 billion yuan), the biggest loss among the super-rich tracked by the Bloomberg Billionaires Index. With a net worth of $55.9 billion, he slipped to 20th place among the world's billionaires from No. 6 at the beginning of the year, his lowest ranking since 2014, behind three Walton families and two Koch families.

Less than two years ago, the 38-year-old Zuckerberg was worth $106 billion, making him a member of the global billionaire elite, second only to Jeff Jeff Bezos and Bill Bill Gates. His wealth soared to a peak of $142 billion in September 2021, when the company's share price was as high as $382. But just next month, Zuckerberg announced that Facebook would change its name to Meta and transform it into a meta-universe. Since then, Meta has been going downhill, trying to find a foothold in technology.

▲ Zuckerberg lost up to $71 billion in wealth

Meta recently reported poor results. That began in February, when the company revealed that Facebook's monthly users were not growing, triggering a historic plunge in the share price, and Zuckerberg's wealth fell by $31 billion, one of the biggest one-day falls in history. Other issues include Instagram's bet on Reels, a short-video platform, in response to TikTok, but its advertising revenue is low. The industry as a whole has been affected by falling marketing spending because of concerns about an economic slowdown.

Laura Martin Martin, a senior Internet analyst at Niederham, an investment bank, said Meta's investment in meta-universe was also a drag on the company's share price. Zuckerberg has said he expects the project to lose "a lot" of money over the next three to five years. Martin said Meta also "had to get users back from TikTok" and was hampered by "excessive regulatory scrutiny and intervention".

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