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Mark Zuckerberg Loses $16.8 Billion Overnight As Facebook’s Stock Plummets

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Mark Zuckerberg Loses $16.8 Billion Overnight As Facebook's Stock Plummets

Mark Zuckerberg’s total assets tumbled $16.8 billion in a single hour on Wednesday afternoon this week; as Facebook’s stock plummets.

The begin of the fall started at 5:30 pm ET; Facebook shares had fallen by a huge 16% to $181.89. This initial fall alone shaved billions off Zuckerberg’s net worth.

However, it wasn’t over. Just 18 minutes later at 5:48 pm ET, the stock tanked another $15 to $167.

On the larger scale of things, this means that Mark Zuckerberg’s net worth dropped from over $82 billion to $65 billion in a single hour.

Wow.

 

Why Did Facebook Stock Plummet?

Facebook shares fell in the wake of a second-quarter profit report that missed examiners’ desires for income and growth development in North America and Europe.

Facebook has experienced a few troublesome months in the wake of disclosures that data firm Cambridge Analytica dishonorably gathered data on 80 million of Facebook’s consumers. The organization has faced hearings before the U.S. Congress and the U.K. Parliament.

For the second quarter, Facebook missed Wall Street analysts’ projections for growth in revenue and daily users.

Regardless of Wednesday’s drop, be that as it may, the stock is as yet higher than where it was on March 27, ten days after the Cambridge Analytica news initially broke, when it shut at $152.22 and Zuckerberg was worth $61 billion.

Brent Thill, overseeing executive at Jefferies who covers innovation, stated:

“Facebook did not deliver this quarter but we remain bullish about the long-term outlook.”

 

How does Mark Zuckerberg now stack up on the list of the world’s richest?

Zuckerberg was the 4th richest person in the world up until the crash on Wednesday afternoon. Jeff Bezos still leads the list, with Bill Gates falling further behind every single month.

No doubt will Zuckerberg’s net worth recover in the near future. Facebook’s stock price clearly wasn’t that phased after the Cambridge scandal; with the stock recovering in just a couple of months.

 

Sources:

  1. https://www.bloomberg.com/news/articles/2018-07-25/zuckerberg-loses-16-8-billion-in-a-snap-as-facebook-plunges
  2. https://www.forbes.com/sites/angelauyeung/2018/07/25/mark-zuckerberg-net-worth-tumbles-more-than-10-billion-after-weak-earnings-report/

Dan Western is the founder of Wealthy Gorilla. Dan has been running Wealthy Gorilla for the last 5 years, whilst traveling the world and being able to call Bali, Indonesia, his HQ. To this day, Wealthy Gorilla has become one of the fastest growing self-development sites in the world; with over 40 million views worldwide, and more than 200,000 followers on social media. Dan's mission is simply, to inspire others to live their dreams and be the person to whom they say; "Because of you, I never gave up."

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Wealthy Gorilla is one of the fastest growing self-development websites worldwide; with articles and stories covering everything from quotes, net worths, richest lists, self-development lessons, and more. We have reached over 40 million views in the past 5 years, and amassed over 200,000 followers on social media. We are continuing on our mission to inspire and motivate people around the world. Welcome to our community, and we are so grateful to have you here with us. You can click on any of the buttons below to follow us on our social media channels; or to get in touch with the founder, Dan Western, head over to the 'contact' page.

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