Jefferies Analyst Brent Thill joins Emily Chang to discuss how, even in a rough year for tech billionaires everywhere, the Meta CEO Mark Zuckerberg’s losses stand out – and how the metaverse is weighing on this loss (Bloomberg Technology). YouTube Tips ⓘ
Meta CEO Mark Zuckerberg has lost $76.8 billion September 2021 to September 2022, which is a loss of more than half his personal wealth according to Forbes writer Rachel Sandler. His loss dropped him from number three to number 11 on the Forbes 400 list of the US wealthiest people. Mark Zuckerberg’s loss of personal wealth is attributed to a severe drop in the stock price of Meta (formally Facebook). Meta shares dropped 57% from 2021 to 2022, which is a bigger drop than other falls among leading tech stocks, such as Alphabet, Amazon and Microsoft.
Global Macro Pullback
“Tough road ahead for tech … Snap, Twitter, Facebook … you’re going to see a lot less ad dollars flow.”
— Brent Thill
Meta’s ad sales were affected when Apple hindered the ability of the Facebook app, or any other app, to track users when they use one app after another.
Forbes: Mark Zuckerberg Is No Longer One Of The 10 Richest Americans
Brent Thill is Tech Sector Leader, Software/Internet Research at Jefferies Group LLC — an American multinational independent investment bank and financial services company that is headquartered in New York City. Jefferies provides clients with capital markets and financial advisory services, institutional brokerage, securities research, and asset management. This includes mergers and acquisitions, restructuring, and other financial advisory services. The Capital Markets segment also includes its securities trading (including the results of its indirectly partially owned subsidiary, Jefferies High Yield Trading, LLC) and investment banking activities.