Zuckerberg Loses $16.8 Billion in a Snap as Facebook Plunges

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Facebook CEO Mark Zuckerberg speaks during the Oculus Connect 4 product launch event in San Jose, California, on Oct. 11, 2017. MUST CREDIT: Bloomberg photo by David Paul Morris.

Mark Zuckerberg is counting the cost of user disenchantment with Facebook Inc.

His fortune tumbled by $16.8 billion in late trading Wednesday, as shares of the social media giant slid 20 percent at 5:37 p.m. in New York on disappointing results. If that holds through Thursday’s close, he will slide to sixth place from third on the Bloomberg Billionaires Index. It would also wipe his $13.7 billion of gains for the year, leaving him with just less than $70 billion.

Second-quarter revenue and average daily visitors fell short of analysts’ estimates, according to a statement from the Menlo Park, California-based company. Revenue increased 42 percent to $13.2 billion, missing the $13.3 billion Wall Street consensus. The company is grappling with new data laws in Europe, criticism over its content policies and privacy issues.

(c) 2018 Bloomberg

2 COMMENTS

  1. Is now a good time to get in, on the dip? Is this only a head fake or is this a falling knife? Please advise.

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