Home » US business news » Facebook owner Mark Zuckerberg drops out of the top 10 richest people in the US

Facebook owner Mark Zuckerberg drops out of the top 10 richest people in the US

By Nagasunder in US business news, posted September 30, 2022

Facebook creator Mark Zuckerberg has fallen out of the top 10 richest people in the United States.

The Forbes 400 list of the richest Americans was released by the American business magazine on Tuesday and the Meta CEO no longer features in the top 10.

It is claimed Zuckerberg has lost more than half of his fortune - an incredible $76.8 billion, since September 2021.

Forbes says the entrepreneur fell from third place to number 11 this year, marking the first time since 2015 that he had such a fall.

So according to Mark Zgutowicz, an analyst at research and investment banking firm Benchmark, Facebook is currently not profitable from advertising, which has a negative impact on the company's owner.

Zgutowicz said: “Facebook makes most of its money from advertising, and now it just doesn’t have that data anymore.

"All those data signals went away, which basically means that advertisers are having trouble telling whether a campaign was successful or not.”

In 2008, four years after founding Facebook, Zuckerberg first hit the billion-dollar mark.

He debuted at No. 321 on The Forbes 400 with a $1.5 billion net worth at the age of just 23.

He was the youngest self-made billionaire ever.

By 2011, Zuckerberg's wealth had nearly multiplied by 12 to reach $17.5 billion.

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Elon Musk, the CEO of Tesla, topped the Forbes list of richest Americans thanks to his 11 percent increase in the estimated $60.5 billion he added this year.

Bill Gates and Jeff Bezos, the founders of Microsoft and Amazon, respectively, are ranked second and third in terms of wealth.

Source: Vanguard

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