Mark Zuckerberg Has Lost The Most Money This Year & I’m Playing The World’s Tiniest Violin
Zucks to be you.
I am playing the world’s tiniest violin because billionaire Facebook founder Mark Zuckerberg has taken the single biggest financial loss in the world over the last 12 months.
According to a new report from Bloomberg, Zuckerberg has topped the list of billionaires posting their Ls after losing more than $100 billion of personal wealth in the last 13 months. Devastating stuff, honestly.
The latest hit comes after his company — Meta Platforms Inc. — reported a disappointing quarter for the second time in a row, resulting in a personal hit of $11 billion to his own wealth.
On Thursday, the company reported that profits had dropped by more than half in Q3 — prompting Meta’s share price to tank by 22 percent in the immediate aftermath of the report.
The 38-year-old who once launched a website for college frat bros to rank women on their hotness is, thankfully, still worth a comfortable $38.1 billion USD. But while this sort of obscene wealth may still serve as hustle culture porn for the likes of crypto dudes and men who listen to The Joe Rogan Experience, it pales in comparison to the $142 billion USD he was personally worth in September last year.
To put this all into context for you, the median net worth of an American family is $121,700. This figure gets even lower if you are not white, don’t own a home, or didn’t go to college.
Not to mention, the median American in Zuck’s age bracket (35-44) is worth just $91,300 — so he could stand to lose a lot more and still sit comfortably in the top one percent of his age bracket — and the entire human race.
If you asked me, someone who is definitely qualified to spew hot takes on the stock market and how to run multi-billion dollar tech companies, I would say that Meta’s financial ruin is — at least in part — because of the metaverse being a very silly idea.
Anyway, happy Friday! Eat the rich!