Mark Zuckerberg is having a hard time after getting so close to the sun. The founder of Facebook (now called Metaverse), who also owns Instagram and WhatsApp, spent years at the top of the list of the richest men in the world with a huge fortune that seemed to grow every year. However, he has now dropped 14 spots on the Bloomberg index after losing $17 billion. But how did he end up here? The answer might be that he is crazy about the metaverse.
A fall of Mark Zuckerberg
Mark Zuckerberg was not a well-known person before the Facebook security scandals, which forced him to testify before the US Congress. Now, however, he doesn’t seem to want to be in the public eye. Even though the internet doesn’t think much of him, let’s forget about his face to remember how important Meta is and how he wants to make a metaverse.
According to a Bloomberg report, Zuckerberg’s huge fall came after he changed the name of his company to Meta. Now, he can’t find a place in the kingdom he used to rule. Facebook and Instagram are losing popularity because young people mostly use TikTok and YouTube. In fact, plans have been made to make Facebook and Instagram more like new apps. After a recent change to Instagram’s interface, there was a lot of backlash, which led to the changes being canceled.
In February, the company didn’t gain any new users, which caused a huge drop in Facebook shares. However, an analyst at Needham & Co., Laura Martin, says that this is also because of the company’s recent investments in the metaverse. In fact, Zuckerberg has said that he thinks the company will lose a lot of money in the next few years, but that he hopes growth will come back once he has a plan. But it doesn’t look like there is a clear plan to do this.
Some people have said that Zuckerberg’s commitment to the metaverse is silly because it raises a lot of questions about global access and what he has shown so far doesn’t look very good. Other platforms are also working on their own versions of the metaverse. This makes us think that the world won’t live in a centralized metaverse like Zuckerberg imagines, but in different spaces, and that social networks could change in a bigger way.
So it will be time to keep watching Zuckerberg drop down the lists of millionaires, maybe for a long time.