Mark Zuckerberg may be a billionaire, but he lost more money in 2018 thank any other billionaire, which means his fortune has taken a hit.
According to Money magazine, the Facebook founder could be ending the year with ¾ less money than he started the year. There are over 500 billionaires in the world, and he lost more than any of them in 2018. Not that he is going to be hurting for money, but still the financial downfall of Zuckerberg this year has impacted his empire.
At the beginning of 2018, he was estimated to be worth $75 billion. However, as the year draws to a close, his empire is now determined to be worth $15 billion, which is a $60 billion loss in one year. The financial downfall is not surprising considering it has been a year plagued full of controversy for Zuckerberg.
The bulk of his fortune comes from his stake in Facebook, which is 13 percent. It has not been a banner year for the social media platform. Accusations of involvement in Russian election interference, as well as data breaches and unethical practices by executives, have put the company in the spotlight and not in a good way. These issues have also caused stock prices to plunge. Since Zuckerberg is at the helm of Facebook, blame for these circumstances has fallen on him personally and financially.
Remaining cofounders in Facebook, WhatsApp, and Instagram, which were acquired by Facebook over the past few years, decided to leave the company during this turbulent year. Those departures caused grave concern among users and advertisers, as Zuckerberg was left to pick up the pieces.
Although 2018 has not been a financially profitable year for Mark Zuckerberg, he is still a billionaire. Outside of Facebook, he has a significant real estate portfolio estimated to be worth $175 million. Plus, other cash and assets that have ensured he won't be going broke any time soon.
However, the future of Facebook is uncertain at best. People have lost faith in the company and as other social media platforms such as Snapchat, Pinterest and Instagram are on the rise among users, Facebook is not generating as many new users. Now that doesn't mean Facebook is over, but Zuckerberg better address these user concerns, as well as work with lawmakers to determine the best practices moving forward if he wants the platform to stay relevant.
What do you think about Zuckerberg's financial loss in 2018?