“I think we’re going to resolve each of these things over different periods of time,” Zuckerberg said. Zuckerberg has said he expects the project to lose “significant” amounts of money over the next three to five years. Photograph: Nils Jorgensen/Rex Shutterstock Jeff Bezos’s Amazon saw its shares fall on forecasts of a poor Christmas season and uncertain consumer spending. Meta’s 71% fall in value this year is due to many things, including advert-tracking controls instituted by Apple, a softening in digital ad spending, the challenge to Facebook-owned Instagram by TikTok, and Meta’s multibillion-dollar investment in the metaverse – the virtual world it is throwing money at despite a less-than-warm reception, even from its own staff. As of Thursday, Zuckerberg ranked 28th on the Bloomberg list, a 25-place drop from his previous third-place positioning. Almost all of his wealth is tied up in Meta stock he holds more than 350m shares. The numbers may be no more than arithmetically diverting – Zuckerberg, 38, is still worth about $38bn, according to Bloomberg – but that is a striking drop on the $142bn he could count on in September 2021. Shares in the company dropped by a fifth – a sharp depreciation that has brought Zuckerberg’s overall decline in wealth this year to more than $87bn. Facebook co-founder Mark Zuckerberg’s fortune plunged by $11bn on Wednesday after Meta Platforms reported a second straight quarter of disappointing earnings.
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