Mark Zuckerberg’s Net Worth Falls as Facebook Shares Plunge
The 28-year-old Facebook co-founder's net worth dropped $1.7 billion.
‘Tis a sad day indeed for Facebook co-founder and CEO Mark Zuckerberg, as his net worth has fallen $1.7 billion in light of Facebook’s stock price plummeting. According to the Bloomberg Billionaires Index, the 28-year-old’s fortune dropped from 13.7 billion, to a paltry $12 billion as of July 26th. That means that Zuckerberg’s wealth has taken a $7 billion dip since Facebook’s IPO on May 18th, when he was worth approximately $19.1 billion with the company shares valued at $38 a pop. Granted, he did sell 30 million shares to pay off taxes, but still retained 503 million shares at the end of the stock’s debut day.
Due to the social network’s lackluster second quarter revenue report, end of the trading day on Friday saw Facebook stock valued at $23.70, which is a new low for the company.
However, save the tears and tissue. With Zuckerberg’s net worth at roughly $12 billion, he still ranks within the 72 richest individuals on the planet, according to Forbes.