Mark Zuckerberg just lost $9 billion in wealth

Wealth


Mark Zuckerberg’s wealth status has changed — he’s lost more than $9 billion in stock wealth over the past 48 hours.

Zuckerberg, who owns about 400 million shares of Facebook, has seen his wealth drop to around $66 billion from $75 billion since the stock closed on Friday, according to the Bloomberg Billionaire’s Index and Forbes. This weekend, he was the fourth richest man in the world. Now, he will be sixth or seventh.

Of course, losing $9 billion here and there are the least of Zuckerberg’s worries, with Facebook under attack for the improper sharing of member data. But the loss shows just how costly the scandal has become for Facebook and its founder. Not to mention its millions of other shareholders.

Zuckerberg has already sold around 5 million shares this year — before the stock drop. The sale was part of his announced plan to accelerate his philanthropic giving by setting up scheduled sales of the stock.

Last fall, he said he planned to sell 35 million to 75 million shares over the following 18 months. Those 75 million shares are now worth $1.7 billion less.

His wealth loss in the past two days is greater than the entire net worths of all but 170 of the world’s more than 1,000 billionaires.



Source link

Products You May Like

Articles You May Like

ADBE, AMZN, LB, HAS, DNKN & more
Mohamed El-Erian sees risk to the market but not a global trade war
Monetary policy is responsible for economic stability
Economy shielding stocks from Trump trade war 
Stifel hikes its AMD price forecast, predicting big profit gains 

Leave a Reply

Your email address will not be published. Required fields are marked *