Facebook’s Zuckerberg now face-to-face with failure


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Facebook’s Mark Zuckerberg, once America’s third-richest billionaire, now no longer ranks in the top ten, Forbes reported last week.

Zuckerberg’s personal fortune has sunk “a staggering US$76.8 billion,” the nation’s single largest net-worth plummet since last September.

Things could get worse for Zuckerberg.

Users and advertisers have been “jumping ship” from Facebook, and only four stocks in the entire S&P 500, the Wall Street Journal notes, “are having a worse year” than Meta, Facebook’s parent company.

Zuckerberg remains defiantly optimistic amid the current carnage, even telling CNBC this past summer that he envisions getting “around a billion people” — each spending “hundreds of dollars” — on the virtual-reality “metaverse” his Meta is now building.

But Zuckerberg’s bravado isn’t convincing Wall Street, and some financial analysts now see Meta in a “death spiral.”

Some good-news perspective for Zuckerberg: The 38-year-old could lose another US$50 billion and still be worth over 22 000 times more than what typical American workers earn in a year.-Inequality.Org

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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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