Mark Zuckerberg isn’t exactly waiting around for his tax return, but it’s been a rough financial week for the Facebook chief exec nonetheless. The CEO’s net worth has dropped more than $10 billion in the last week as Facebook stock has fallen 14 percent in the wake of the Cambridge Analytica data leak.
Shares of the social network continued their week-long slide on Friday, slumping 3.3 percent to $159.45 per share. That’s down from $185.09 at the close-of-bell last Friday, before the scandal broke about 50 million users having their information unwittingly accessed.
As Facebook has lost $60 billion in market cap, Zuckerberg has went from “extremely wealthy” to “slightly less extremely wealthy,” with his have lost $10.1 billion in value in the past week.
Also Read: Would You Pay Facebook Not to Sell Your Data?
The 33-year-old exec, who holds roughly 393.1 million shares of company stock, is now worth “only” $62.7 billion — dropping him from fifth to seventh place on Forbes’ billionaire rankings. You can send your cash donations to 1 Hacker Way, Menlo Park, CA, 94025, if you’re inclined.
Facebook has faced mounting criticism over the data leak, both from users and advertisers. The #DeleteFacebook hashtag gained steam this week on Twitter, with WhatsApp co-founder Brian Acton and Tesla chief exec Elon Musk joining in. At the same time, advertisers have started to question their relationship with the second biggest ad business on the internet.
Facebook opened 2018 trading at about $180 a share, and pushed to its all-time high of $195 a share in early February.
Investors will get a look at whether a major segment of users are ditching the platform when Facebook reports its quarterly earnings later this spring.
supermariobruhh on March 24th, 2018 at 00:49 UTC »
I can relate cause I lost a $10 bill
nevergofullcommie on March 23rd, 2018 at 21:57 UTC »
I wish my net worth had the ability to drop by $ 10 Billion.
zhacker78 on March 23rd, 2018 at 20:09 UTC »
UH OH... Now he only has 70 Billion left.