Having lost 100 billion USD because of the metaverse, Mark Zuckerberg is back to making money the fastest in the world

Since the beginning of 2023, Mark Zuckerberg’s fortune has increased by about $ 44 billion. This is the largest increase among the world’s 500 billionaires according to the Bloomberg Billionaires Index…

In 2022, Mark Zuckerberg, the co-founder and CEO of Facebook – now Meta Platforms, bet big on the virtual universe (metaverse) and is willing to invest anything to bring his company to dominate the real world. virtual. This move affected him greatly.

At one point, Zuckerberg’s fortune dropped by as much as $100 billion from its peak. This is a record drop for a new billionaire in his 30s, who just a few years ago was the third richest in the world.

Since the beginning of 2023, however, Zuckerberg has returned to focusing on the real world. The first was to cut costs at Meta and now focus on competing with Twitter – a real-life competitor. These things helped him get results. Year-to-date, Zuckerberg’s fortune, which comes mainly from his stake in Meta, has grown by about $44 billion. This is the largest increase among the world’s 500 billionaires according to the Bloomberg Billionaires Index.

Even with Meta stock closing slightly lower in trading on May 19, Zuckerberg’s moves still helped make the stock the second-biggest gainer in the S&P 500. Year-to-date, the price Meta shares jumped more than 100%, bringing Mr. Musk’s net worth to $89.9 billion.

According to Bloomberg, Meta’s Instagram platform is set to launch an app to compete with Twitter next month. This app is currently being tested by many celebrities and influencers.

According to Bloomberg Intelligence analysts Mandeep Singh and Damian Reimertz, Meta is better positioned than smaller rivals to take market share away from Twitter.

“Meta could face challenges in attracting Twitter users to use its platform,” the two analysts said. “However, this company could pose a threat to Twitter as the platform is affected by its aggressive monthly fees.”

In a report published on May 15, two analysts Rob Sanderson and Alan Gould of Loop Capital Markets assessed that Meta has a bright revenue outlook. These two analysts have a Meta share price target of $320, which is significantly higher than the 245.64 closing price on May 19.

“We think Meta’s product story is as good as it used to be,” the report said.