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Facebook CEO Mark Zuckerberg Loses 400% of Dangote’s Net Worth in 2022

Mark Zuckerberg’s net worth has nose-dived by more than 50 percent this year, losing over $70 billion

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Mark Zuckerberg - Investors King

Facebook Founder and Meta Chief Executive Officer (CEO), Mark Zuckerberg’s net worth has nose-dived by more than 50 percent this year, losing over $70 billion.

Mark Zuckerberg’s net worth has plummeted very hard this year amid huge investments in the metaverse. 

In April 2021, Facebook said it had spent around $10 billion on metaverse investments while more than 10,000 people are working on its metaverse projects.

According to Bloomberg’s Billionaire Index, Zuckerberg started 2022 with a fortune of $125 billion but has since fallen by 55 percent to $55.3 billion this year. 

Zuckerberg’s Facebook started in 2021 with a lot of enthusiasm and hope. In 2021, Facebook was rebranded to Meta as the parent company while Mark disclosed that Facebook will invest heavily in Metaverse. 

Facebook however steeped in controversy with Frances Haugen’s leaked information. At the end of the 2021 financial year, the company reported its first-ever decline in users. 

Mark Zuckerberg lost in 2022 so far which stands at $70 billion is four times the net worth of Africa’s richest man, Aliko Dangote. Aliko Dangote is worth $18.8 billion according to Bloomberg’s Billionaire Index.

Zuckerberg’s net worth of $55.3 billion placed him at number 20 on the billionaire index, far below Elon Musk’s net worth estimated at $268 billion. 

The 38-year-old billionaire, who also doubled as the owner of WhatsApp, Instagram and Occult, however believed that the company’s investment in the metaverse space will be worth it in the near future. 

“The metaverse business for us isn’t really going to be a meaningful contributor to the business until at a minimum much later in this decade, and probably realistically this decade is going to be about setting the foundation for that and then the 2030s are really where this is going to contribute a lot to the profits of this company,” Zuckerberg said during the company’s annual shareholder meeting in May.

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Gautam Adani Displaces Amazon Founder, Jeff Bezos as World’s Second Richest Person

Indian business magnate Gautam Adani has displaced Amazon founder Jeff Bezos to become the second-richest person in the world with an estimated wealth of $146.8 billion.

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Gautam Adani

Indian business magnate Gautam Adani has displaced Amazon founder Jeff Bezos to become the second-richest person in the world with an estimated wealth of $146.8 billion.

According to Bloomberg, Gautam Adani is the first individual from Asia to rank in the top three of the billionaire’s index while Tesla Founder and CEO Elon Musk continue to be the world’s wealthiest individual with an estimated $263.9 billion.

Adani has witnessed a rapid increase in his wealth this year displacing Mukesh Ambani, Bill Gates, and Warren Buffet on the Bloomberg billionaire list. 

Adani owns shares in six publicly traded companies that operate in ports, airports, green energy, and data centres.

While several others on the Bloomberg billionaires index have shed wealth so far this year, Gautam Adani has added more than $60 billion to his fortune in 2022 alone. 

Investors King learnt that before February 2022, Gautam Adani was ranked below fellow Indian billionaire Mukesh Ambani who is worth $93.4 billion and is currently at the eighth position on the global ranking.

Adani controls Mundra Port which is India’s largest seaport. 

Around September 2020, he also acquired a 74% stake in Mumbai International Airport which is India’s second-busiest airport. This makes him the country’s biggest airport operator. In 2022, he also acquired Swiss giant Holcim’s cement business in India for $10.5 billion.

Strategically, Adani has set a big eye on green energy. He said he will invest up to $70 billion in renewable energy projects in his bid to become the world’s largest producer of green energy. It is not a surprise that shares in his renewable energy firm have spiked while shares in his power company, Adani Power have increased three-fold in the last year in response to rising energy demand.

Gautam Adani is a college dropout who spurned his father’s textile shop to set up a commodities export firm in 1988. He survived the terrorist attack in Mumbai’s Taj Mahal Palace Hotel in 2008. He is 66 years old and happily married with two kids.

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Abdulsamad Earns N90.868 Billion in 24 Hours

Nigeria’s third richest person and leading philanthropist, Abdulsamad Rabiu earned N90.868 billion in the last 24 hours.

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Abdul Samad Rabiu

Nigeria’s third-richest person and leading philanthropist, Abdulsamad Rabiu earned N90.868 billion in the last 24 hours.

Rabiu, 62, owns 16.173 billion or 89.85% direct shares in BUA Foods Plc and another 500.485 million or 2.78% in indirect shares in the company.

Together, the billionaire philanthropist owned a combined 16.673 billion or 92.63% shares in BUA Foods Plc.

On Friday, the stock of BUA Foods appreciated by N5.45 or 10% from N54.50 it closed on Thursday to N59.95 a unit on Friday.

Meaning, Rabiu’s holdings in the company grew by N90.868 billion in the last 24 hours if his total shareholdings of 16.673 billion is multiplied by the N5.45 gain realised on Friday.

BUA Food reported a N168.855 billion turnover in the first half (H1) of 2022, representing an increase of 11.29% from N151.731 billion recorded in the same period of 2021.

The company’s gross profit rose by 1.79% to N52.066 billion, up from N51.151 billion achieved in the corresponding period of 2021.

Therefore, BUA Foods realised 10.78% in profit after tax to declare N42.702 billion for the period under review.

Presently ranked 5th richest person in Africa and 350th in the world, Rabiu is the founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate.

The billionaire owns about 96% of BUA Cement Plc, one of Nigeria’s leading cement manufacturing companies, estimated at N1.79 trillion.

Explaining how he grew BUA Cement to the point of listing, Rabiu said “Two years ago, we listed our cement businesses. We had endorsement and Sokoto cement and those businesses were listed, we consolidated the business and we now have BUA Cement PLC with a combined capacity of 11 million tonnes as it is, we are set to rise to 17 million tonnes per annum by the middle of next year with the commissioning of new plants next year.

“And also, we consolidated our foods businesses across all our divisions: the flour milling; the sugar refinery; the oil milling and what have you. I listed that in January 2022 with that, we have a market capitalisation of over N1trn.”

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Top 10 Richest People in the World Gained $38.24 Billion on Friday

The top ten richest billionaires in the world saw their combined net worth increase by $38.24 billion on Friday when global equities rebounded following a three-week of decline.

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Elon Musk

The top ten richest billionaires in the world saw their combined net worth increase by $38.24 billion on Friday when global equities rebounded following a three-week of decline.

Elon Musk’s net worth rose by $7.54 billion to $223 billion, reducing his year-to-date decline from over $50 billion to $46.8 billion. Jeff Bezos, the world’s second-richest man, net worth rose by $4.16 billion to $140 billion on the back of $4.02, or Amazon stock closed at $116.46 a unit on Friday.

Bernard Arnault’s net worth expanded by $5.16 billion from $125.84 billion on Thursday to $131 billion. Bernard Arnault owned a 46.84% stake in LVMH and its stock price rose €21.40, or to €587.40 a unit.

Bill Gates, the former world’s richest man and a shareholder in Microsoft Inc, realised $2.72 billion in Friday’s rally. Presently, Gates’s net worth stood at $116 billion, reducing his year-to-date decline to $21.7 billion.

Alphabet (Google Inc) co-founders, Larry Page and Sergey Brin gained $4.56 billion and $4.34 billion to see their net worths jump to $107 billion and $102 billion, respectively. On Friday, the price of Alphabet stocks appreciated by $114.66, or to $2,359.50 a unit.

Warren Buffett, the largest shareholder in Berkshire Hathaway, recorded a $3.55 billion increase in his net worth to $96.8 billion. Buffet owns a 30.71% stake in Berkshire Hathaway, according to the available information.

Gautam Adani, who recently announced $8 billion donations to mark his 60 birthday, has gained part of that donation back. The billionaire’s total net worth grew by $2.23 billion to $94.9 billion as of Friday.

Adani’s net worth rose the most among the top ten billionaires this year so far. The billionaire’s year-to-date change or increase expanded to $18.4 billion as shown in the table below.

Steve Ballmer, the proud owner of the Los Angeles Clippers Basketball Team, gained $2.82 billion from the Friday rally. Total net worth rose to $94.5 billion.

Mukesh Ambani, the second Indian billionaire on the list, saw his net worth grow by $1.16 billion to join his fellow Indian, Adani as the two billionaires with positive year-to-date returns despite the surge in global uncertainty due to the Russia-Ukraine war. Ambani’s total net worth inched higher to $90.4 billion. See the table below for more details.

Top 10 Richest People in the World

Rank Name Total Net Worth $ Last Change $ YTD Change Country Industry
1 Elon Musk $223B +$7.54B -$46.8B United States Technology
2 Jeff Bezos $140B +$4.16B -$52.4B United States Technology
3 Bernard Arnault $131B +$5.16B -$46.7B France Consumer
4 Bill Gates $116B +$2.72B -$21.7B United States Technology
5 Larry Page $107B +$4.56B -$21.9B United States Technology
6 Sergey Brin $102B +$4.34B -$21.4B United States Technology
7 Warren Buffett $96.8B +$3.55B -$12.2B United States Diversified
8 Gautam Adani $94.9B +$2.23B +$18.4B India Industrial
9 Steve Ballmer $94.5B +$2.82B -$11.1B United States Technology
10 Mukesh Ambani $90.4B +$1.16B +$439M India Energy

 

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