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How Mark Zuckerberg Just Lost Over Half Of His Wealth

With costs rising, wages stagnant, and global uncertainty delaying any strong recoveries, people are having a rough time financially at the moment. In the world of the financial elite, where billions are made and lost from day to day, some people are feeling the sting, too. 

Mark Zuckerberg, one of the better-known billionaires and a regular on the top 10 list of the world's richest, has managed to lose half of his net worth since the first of January. While you're unlikely to see Zuckerberg skipping a mortgage payment or lining up at a food bank, he is still an astonishing $70 billion down since December 2021.

Zuckerberg is one of the most recognizable names in tech. The Facebook founder has been the subject of documentaries, Hollywood movies, and high-profile hearings in front of the United States Senate. He also plays a very active role in the companies he owns, having a major influence on the direction of the companies and personally presenting his main company Meta's annual conference. Zuckerberg's influence on the direction his companies take may have directly caused his current situation.

Facebook Has Had A Rough Year

Most of Zuckerberg's net worth is tied up in stock, and his main holding is the company Meta — which itself owns Facebook, the company formerly known as Oculus, and several other high-profile businesses. Meta's share price has taken a major beating after peaking at the end of last year, and whatever happens to Meta is clearly reflected in its owner's bank balance. 

This isn't unique to Meta or Zuckerberg, and doesn't always yield negative results. Although he has stakes in several companies, Elon Musk's net worth is heavily linked to how electric vehicle manufacturer Tesla is doing at the time. A Tesla stock surge is what made Musk the world's richest man, and a dip in its share price could be enough to see Musk tumble back down the list.

Facebook's parent company changed its name to Meta following its annual conference last year, and uncertainty around the content of that conference — coupled with declines across the entire tech market — has led to the company's share price going into freefall. According to CNBC, the company has lost 60% of its value, having experienced a further 14% dip last week. 

The plummet in share price has left stock in the company costing only a few cents more per share than it did during the dip we saw at the start of the 2020 coronavirus pandemic. The decline could have been caused by a few things, including the tech market as a whole being overvalued and correcting itself. However the fact the dip started following Meta's 2020 conference and continued steadily since suggests shareholders aren't happy with the direction the company is heading in.