Zuckerberg has shut down the Metaverse and diverted the money to a real-life competitor of Elon Musk’s Twitter. His fortune has grown by about $44 billion this year.
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Mark Zuckerberg was all-in on the metaverse last year, willing to spend whatever it took to dominate virtual reality.
And it cost him, big time. At one point his wealth fell more than $100 billion from its high — a stunning decline for the millennial who just a few years ago was the world’s third-richest person.
So far this year, his focus has been on the physical world — first cost-cutting at his Meta Platforms Inc. and now working on a real-life competitor to Elon Musk’s Twitter.
The results appear to be paying off. Zuckerberg’s fortune, which is comprised largely of his Meta stake, has grown by about $44 billion this year, the most of anyone tracked by the Bloomberg Billionaires Index.
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Even with Meta shares closing down slightly Friday in New York, Zuckerberg’s efficiency pivot has made the stock the second-best performer this year on the S&P 500, soaring more than 100% and pushing his net worth to $89.9 billion.
According to people familiar with the matter, Instagram is set to launch a competitor to Twitter, and it has been secretly available to select creators for months.
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