Here's How Mark Zuckerberg Lost $16.8 Billion in an Hour

Subscribe to GoodReturns
For Quick Alerts
Subscribe Now  
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Facebook has been facing criticism over the years for its content policies that failed to safeguard private data and also on its rules for advertisers. But, only this year did it feel the blow.

    Its new data laws in the Europe and privacy issue scandals have reduced the number of daily visitors to the website.

    Here's How Mark Zuckerberg Lost $16.8 Billion in an Hour

    The results of the company's second-quarter sales showed how its growth has been hampered. Its sales and user growth for the quarter have declined. On Wednesday evening (New York time), Facebook reported a 42 percent drop in its revenue to $13.2 billion and according to its Chief Financial Officer David Wehner's statement to the Wall Street, the company's revenue would further decline in the third and fourth quarters this year (source: Bloomberg).

    Following the release of the quarterly results and the statement made by the CFO, the share price of Facebook plunged by 24 percent on the NYSE (New York Stock Exchange).

    The fall in share price means Mark Zuckerberg lost $16.8 billion in wealth at Wednesday's market close in the New York and if this continues on Thursday, he could lose his position as the third richest man in the world and fall to the sixth position in the Bloomberg Billionaires Index with less than $70 billion. The loss is about one-fifth of Mark Zuckerberg's wealth.

    Read more about: mark zuckerberg facebook
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'
    India's LARGEST EVER political poll. Have you participated yet?

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more