Mark Zuckerberg's investment to realize the dream of the metaverse is seen not only to affect his wealth but also Facebook.
According to the Bloomberg Billionaires Index chart, the 38-year-old billionaire's position slipped to 20th place with a total wealth of $55.9 billion.
This means Zuckerberg has more than halved his wealth, roughly $71 billion, in a year and is in his lowest ranking since 2014.
Going through the chronology of Zuckerberg's downfall, it started in October last year 2021 when Facebook Inc rebranded to Meta Platform Inc.
The rebranding is synonymous with the company's direction to focus on investing in the virtual world, Metaverse.
But it has led to the collapse of Facebook's heyday.
In early February, for example, Facebook recorded a decline in the number of active users that led to a decline in stock performance and a total loss of $31 billion.
In addition, the issue of competition from TikTok also added to the sadness when Facebook's plan to introduce Reels through Instagram was not well received.
Barring the economic slowdown, which affects the entire industry including marketing expenses, the company's investment in metaverse projects may be the main one.
According to Laura Martin from Needham & Co, Zuckerberg himself admits that investing in the metaverse will bring 'significant' losses within 5 to 5 years.
In the meantime, overall Meta emerged as the biggest 'loser' among FAANGs with Apple down 14%, Amazon down 26% and Google down 29%.
