Meta CEO Mark Zuckerberg is on the verge of falling out of the top 20 of the world’s richest people after a brutal year for American tech giants and his expensive bet on the metaverse erased more than $70 billion of his fortune in 2022.
The 38-year-old entrepreneur is was worth $56 billion as of Sept. 19, according to Bloomberg, putting him in the 20th spot on Bloomberg’s Billionaires Index, his lowest rank since 2014. Forbes gauges his net worth at $53 billion as of today (Sept. 20), making him the 22th richest person in the world by their ranking.
Zuckerberg’s fortune peaked in September 2021 at $142 billion, according to Bloomberg. A month later, he changed his company’s name from Facebook to Meta as a declaration of its new focus on the metaverse business. Since then, Meta’s stock price has fallen more than 50 percent as the company fails to attract new users while costs pile up.
It has been a rough year for other American tech titans as well. Amazon founder Jeff Bezos has seen his wealth shrink by $44 billion this year. He recently lost his longtime rank as the world’s second richest person to Indian tycoon Gautam Adani.