Meta co-founder, Mark Zuckerberg, has lost his spot on the top ten richest people in the United States. The Chief Executive Officer of Meta fell out of the list, ranking as the 11th richest person in America.
Zuckerberg has been in the top ten since 2015. In 2008, at the age of 23, he joined the billionaire’s club with $1.5 billion, ranking on 321 spot out of Forbes 400 list.
His fall on America’s ten wealthiest people came as a result of the $76.8 billion he lost in the last one year, according to Forbes. Zuckerberg is now worth $57.7 billion as of September 27, 2022.
The billionaire’s wealth had depreciated due to investors loss of interest in Meta in the stock market, which has resulted in the company’s stock falling by -60.55% within the last one year.
Meta, formerly known as Facebook Inc, began to depreciate in the equity market following report that the company’s Reality Labs division lost $10 billion during the financial period last year.
It has also been going through series of antitrust probe, that has caused the company to pay millions of dollars in fine, and also experienced government scrutiny around the firm’s operation.
Meta’s product service, Instagram and Facebook have also been losing their users to TikTok.
Meanwhile, Elon Musk, worth $251 billion tops the list of America’s richest people, Amazon founder, Jeff Bezos, comes in second with $151 billion and Microsoft founder, Bill Gates, took the third spot with $106 billion.
Larry Ellison and Warren Buffet occupied the fourth and fifth positions with $101 million and $97 billion respectively.