On Thursday, Facebook Stock Dropped to a new low. Facebook’s co-founder and CEO Mark Zuckerberg is not going to be to happy about his fortune. The reason i say this is because his net worth fell to about $10.1 billion, which is its lowest point since the company’s initial public offering that was on May 17. Facebook Stock Drop
However, as a 28 year old billionaire it can’t be that big of a deal..
Check out this video from ABC NEWS 2 months ago..
Look like nothings really changed since..
According to Bloomberg Billionaires Index “Facebook shares sank 6.3 percent Thursday after the company freed up 271.1 million shares a move that boosted the amount of stock available to trade by 60 percent. Furthermore The shares closed at $19.87 in New York after dipping to a record low of $19.69 earlier in the day.”
Facebook Stock Drop
Mark Zuckerberg has some more work to do in order to keep his stock prices up even though he is still a member of the top 40 richest people. So basically Facebook is down 48 percent from its original may 17 offering price which was $38 a share. The good news is that Facebook is the largest social networking company for a technology firm and it managed to raise 16 billion in its IPO.
Sadly though the fortunes of Facebook’s other founders took a nice hit. Christopher Hughes who is Co-founder of the social network owns about 22 million shares of Facebook. It looks like his stake is worth only $437 million which is down about $400 million since the IPO. Yes these are crazy numbers but they are so big that every change is drastic. were talking about almost losing half a billion dollars here. Also Dustin Moskovitz who started the company with Zuckerberg owns 133.7 million shares of the company’s Class B stock worth $2.7 billion. Moskovitz hit a decline of $2.4 billion which is just nutty.
All in all, basically anyone and everyone who holds facebook stock lost money recently and is loosing money as the stock continues to depreciate in value. Ouch..
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