Home/ News / World/  Mark Zuckerberg, who lost half his fortune in 2022, sells house for $31 million

The most expensive home sale in San Francisco this year was the $31 million sale of Mark Zuckerberg's San Francisco residence, the co-founder of Facebook. Zuckerberg purchased the home in November 2012 for around $10 million. The more than 7,000 square foot home, which is close to the Mission District and the Zuckerberg San Francisco General Hospital and Trauma Center, is situated in the quiet Liberty Hill neighbourhood off Dolores Park. According to the ad, the house was constructed in 1928 and lies on a quarter-acre lot.

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Months after Facebook went public, the CEO of Meta Platforms purchased the house. Zuckerberg and his wife, Priscilla Chan, conducted a multi-million dollar restoration project in 2013 that included modifications such as a laundry room, wine room, wet bar, and greenhouse in addition to other additions. According to reports, the software mogul owns a number of other residences in Silicon Valley, Lake Tahoe and Hawaii.

As per Bloomberg Billionaires Index, Mark Zuckerberg’s net worth stands at $61.9 billion. Interestingly, he has lost over 50 percent of his wealth in 2022.Zuckerberg has lost $63.5 billion, making his wealth go down 50.6% year-to-date on July 26, 2022. Still, with whatever wealth he has, Zuckerberg is at number 17 among the richest people on earth.

Also Read: Facebook needs Zuckerberg’s aggression to secure its future

With his entire wealth, he can buy 36.0 million troy ounces of gold or 590 million barrels of crude oil. His net worth is equivalent to 917,474 times the median household income in the United States.

In an effort to model its apps after TikTok, a competition for short-form video viewers, Meta Platforms said on July 21 that it was redesigning the primary feed on its Facebook app to prioritise "discovery" of new material over updates from accounts users follow.

Also Read: Elon Musk, Jeff Bezos, Mark Zuckerberg lose $60 billions in 6 months of 2022

In recent months, Meta officials have expressed a greater sense of urgency about promoting the company's "Reels" offering, which is akin to TikTok's short video format and has drawn many younger customers. According to a statement from Meta, Facebook's "Home," or default news feed tab, will start emphasising popular postings from accounts that users do not follow, such as Reels and Stories.

(With agency inputs)

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Updated: 26 Jul 2022, 11:51 AM IST
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