The decrease in (Meta) subscribers causes huge losses to Zuckerbergs fortune
The decline in the number of users on the Meta platform has caused Mark Zuckerberg to lose more than half of his fortune this year, with an estimated loss of $71 billion since the beginning of this year.
The reason for this loss is attributed to (meta), after the company’s shares reached $382 in September 2021, Zuckerberg changed the company’s name from Facebook to (meta), and from that moment the shares fell significantly. Weak growth in the number of its monthly users led to a historic collapse in its shares and reduced Zuckerberg's fortune by about $31 billion.
Meta tried to respond to the Tik Tok platform in a desperate attempt to gain new users, by launching the Reels program from Instagram, which caused financial problems for the company because its results were bad in terms of advertising profits, in addition to that many people preferred the platform. TikTok on the Insta feature, which they considered fake.
Analysts point out that the decline in the company's shares is caused by investments in (Metavirus), which Mark himself expects that the project will cost him large sums over the next three and five years.