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.
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?
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.