Mark Zuckerberg's net worth drops over $15 billion today as Facebook's shares get pounded



Mark Zuckerberg's wallet just got much lighter today. Like $15 billion lighter. After the stock market closed yesterday, Facebook reported higher than expected second quarter earnings, although revenue fell short of the figure Wall Street was looking for. If that was all Facebook announced, the stock might have actually gone up today. However, due to the cost of new privacy initiatives that the company is putting in place, Facebook lowered its expectations for future profits.

That news sent Facebook investors scurrying to their phones this morning in order to dump the stock. After trading as low as $174.78, the stock has somewhat stabilized and is now changing hands at $177.67 for a drop of $39.83, or more than 18%. Overall, the company's valuation declined by more than $120 billion at one point today. Zuckerberg, the co-founder, chairman and CEO of the social media network, was recently listed as the fifth wealthiest American with a net worth computed at $71 billion. Today's decline would take the executive out of the top ten and rank him at number 11, behind Oracle's Larry Ellison.

Zuckerberg reportedly owns 387,095,123 Class A and Class B shares of Facebook. The company has been named in some privacy scandals this year, including the one involving defunct political consultantcy Cambridge Analytica. The latter got its hands on the profiles of 87 million Facebook members without the consent of each subscriber. The data was obtained by Russian-American Aleksandr Kogan, who allegedly sold the information to political operatives to use in the 2016 presidential election.

Facebook's shares initially held up well despite the Cambridge Analytica news, and Zuckerberg's subsequent two-day grilling by the Senate and House. But as many on Wall Street know, a stock can survive scandals and crises; but disappoint the Street by as little as a penny, and it's look out below.

source: FOXBusiness

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6 Comments

1. fyah_king unregistered

How can you lose something you never had?

2. Trex95

Posts: 2380; Member since: Mar 03, 2013

Couple of years from now and Facebook the second MySpace.

3. tedkord

Posts: 17312; Member since: Jun 17, 2009

Oh, no! How's he going to eat?

4. SYSTEM_LORD

Posts: 1168; Member since: Oct 05, 2015

Not sad at all for Schmuckerberg...

5. darkkjedii

Posts: 30969; Member since: Feb 05, 2011

I don’t care how rich he is, that’s gotta hurt.

6. GreenMan

Posts: 2697; Member since: Nov 09, 2015

While loosing $15 Billion in just ONE day is INSANE but... He still got around $70 Billion worth of shares which is still a TON of money, literally. And speaking of shares; I'm sure Facebook's shares will sore again in late 2019. It's not like people have suddenly stopped using Facebook, not even close. It's just that the tech giant is surrounded by controversies regarding privacy and is focusing all its muscle in resolving that issue and the investors are NOT happy. It doesn't hurt to be knowledgeable. G'Day!

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