Meta CEO Mark Zuckerberg's net worth falls from third to 29th place.

Meta CEO Mark Zuckerberg's net worth has decreased significantly over the past year, falling from the third-richest person in the world to 29th place.

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As Facebook stock continues to fall this week, many are wondering if this is the beginning of the end for big tech. While it's true that the industry is facing some challenges, I believe that there is still a lot of potential for growth. In particular, I believe that Mark Zuckerberg's vision for a metaverse will ultimately prove to be a major driver of innovation and growth in the coming years. Despite the challenges that big tech faces, I remain bullish on the industry's long-term prospects.

It's been a rough year for Zuckerberg and Meta.Getty Images
This has been a tough year for Facebook founder Mark Zuckerberg and his wife Priscilla Chan. First, they had to deal with the Cambridge Analytica data scandal, which led to calls for Zuckerberg to step down as CEO.

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Facebook's rebrand to Meta and pivot to the metaverse has been an unmitigated disaster, resulting in billions of dollars in losses and a decline in the company's stock value. The company is now struggling to stay afloat, and its future is uncertain.

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While the FAANG group of tech giants has seen a collective decline of 48% year-to-date, this still outpaces the 22% decline for the S&P. These five companies account for a significant 12% of the index's weight, which has weighed the index down significantly. However, despite the challenges faced by these companies, they continue to be leaders in the tech industry.

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As of last October, Zuckerberg was the third-wealthiest person in the world. However, his net worth has fallen by $104 billion over the past year to $32.8 billion, according to our calculations. This puts him at 29th on the list of the world's richest people.

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Mark Zuckerberg's fortune took a hit Thursday, with his net worth dropping by $11 billion. The Facebook CEO is now down a total of $100 billion since Meta's stock peaked in December.

The stock market crash continues as Facebook parent company struggles with fears of an impending recession. Many investors are fleeing to safe haven investments, driving prices down even further.

As the world continues to grapple with the fallout from the COVID-19 pandemic, the performance of Big Tech stocks has been a major bright spot in an otherwise bleak economic landscape.