Mark Zuckerberg Falls Off The List of 10 Wealthiest Americans
- Mark Zuckerberg has fallen off the list of 10 wealthiest people in America in the latest ranking
- The list shows that Facebook founder and Meta CEO is trailing behind other billionaires for the first time in seven years
- He has lost half his wealth in the last year thanks to declining advertising revenue caused by Apple's revised privacy policy
For the first time in seven years, Facebook owner and Meta CEO Mark Zuckerberg is not on the list of 1o wealthiest Americans.
The tech billionaire has lost half his wealth. A Forbes report says that about $76.8 billion has been wiped off his fortunes since September last year.
Source: Getty Images
Apple's policy affecting Facebook's revenue
His loss has seen him drop from N0 3 on the Forbes 400 list of America's wealthiest people to N0 11.
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Zuckerberg is now worth $57.7 billion on this year's list. The report tracked stock prices from September 2 and saw Zuckerberg come behind Michael Bloomberg, Jim Walton, and other tech titans such as former Microsoft CEO Steve Ballmer and Google founders Sergey Brin and Larry Page.
Zuckerberg has lost more money than any American in the last year.
The stock price of Meta has plummeted 57 per cent since last year's Forbes 400 list. Tech stocks are generally slumping with the downturn in the market.
Investors are affected by a privacy policy update from Apple last year that made it difficult for tech firms to track users across apps, affecting Meta ad revenue. As a result, the company reported its first-ever quarterly revenue fall in July, which dropped by 1% to $28.8 million.
Wall Street Journal says that Meta makes most of its money from advertising sales and now lacks the data to track the sales.
Also, TikTok is drawing away advertisers, including Gen Z and millennial users.
In February, Meta announced its first-ever quarterly loss of daily active users.
TikTok drawing advertisers and users away
Recent data showed that the company's TikTok look-alike, Instagram Reels, is struggling to compete, Wall Street Journal report says.
Zuckerberg emerged as a billionaire in 2008, just four years after he founded Facebook. At the age of 23, he was the youngest self-made billionaire at the time. He debuted at No. 321 on the Forbes 400, worth $1.5 billion. By 2011, his net worth had increased 12 times to $17.5 billion.
In 2012, following its IPO, Zuckerberg fell from No.14 to No 36 on the list. The following year, he bounced back, and his wealth has continued to climb up until now.
Facebook'sFacebook's ad machine has continued to make enough money to impress investors, sending Zuckerberg'sZuckerberg's net worth surging to $134.5 billion last year, his highest ever.
Almost all his wealth is invested in Meta stock, which means he believes in the company's long-term prospects and vast wealth.
Report reveals how a scientist almost made Mark Zuckerberg president of the World Bank
Legit.ng reported that the mega experiment spearheaded by Facebook and known as Project Diem to create a unified digital currency would have made Facebook founder and Meta CEO Mark Zuckerberg the most powerful person on earth.
Project Diem would have allowed for easy transfer of funds and payments between billions worldwide.
According to reports, the woman who led the ambitious project, Dahlia Malkhi, is a leading computer scientist. Malkhi reveals how the system would operate and why the project collapsed.
Source: Legit.ng
