Fakoyejo Olalekan
In the last one year, Mark Zuckerberg, the founder of Facebook, has gone from being the fifth richest person, to not being listed among the top fifteen billionaires across the world, as his firm’s stock depreciates.
Zuckerberg had risen into the top ten richest list, thanks to the demand for tech stocks, which his company, Facebook, now known as Meta Platforms, benefited greatly from the rush in the capital market.
Join our WhatsApp ChannelAs of the second half of 2021, Zuckerberg was worth above $100 billion, and was sitting behind Elon Musk, Bernard Arnault, Jeff Bezos and Bill Gates on Forbes Billionaire Index, but he has lost over $40 billion since then according to Prime Business Africa calculations.
This cost him his position among the top fifth richest people in the world, as Zuckerberg is now worth $61 billion, according to latest data obtained, with the new networth coming after losing ₦98.09 billion ($233 million) on Monday. His networth depreciated by -0.38% following the loss.
Zuckerberg’s dramatic loss within the last one year is tied to the share of Meta Platforms plunging -48.66% during the timeframe, as sell off from shareholders saw the stock now selling for $170.06 per share, way below the $331.26 investors were willing to buy it last month June.
Shareholders began selling off massively following reports in April 2022 that Meta Platform recorded $3 billion loss, as investment in virtual reality business is failing. This discouraged further demand for the company’s share in the capital market.
And with investors’ confidence in Meta Platforms’ ability to create another revenue source declining, shareholders began selling off to avoid the bearish sentiment which eventually hit the company, leading to a -49.52% year-to-date loss in the share value.
As at the time of filing this report, Meta Platforms’ share is down -0.30%, reflecting bearish sentiment still persists around the technology company in the capital market.
