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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBREAKING: Mark Zuckerberg Loses $7 Billion in Net Worth as Facebook Stock Falls
Mark Zuckerbergs personal wealth has fallen by more than $6 billion in a few hours, knocking him down a notch on the list of the worlds richest people, after a whistleblower came forward and outages took Facebook Inc.s flagship products offline.
A selloff sent the social-media giants stock plummeting 4.9% on Monday, adding to a drop of about 15% since mid-September.
The stock slide on Monday sent Zuckerbergs worth down to $121.6 billion, dropping him below Bill Gates to No. 5 on the Bloomberg Billionaires Index. Hes down from almost $140 billion in a matter of weeks, according to the index.
Link to tweet
?s=20
https://www.bloomberg.com/news/articles/2021-10-04/zuckerberg-loses-7-billion-in-hours-as-facebook-plunges
Boomerproud
(8,044 posts)USALiberal
(10,877 posts)LanternWaste
(37,748 posts)Feeling better, I hope...
abqtommy
(14,118 posts)jimfields33
(16,673 posts)That paper loss must be tragic.
multigraincracker
(32,981 posts)the Free Market.
MontanaMama
(23,424 posts)Hope hes having a sad tonight.
NewJeffCT
(56,830 posts)$7 billion to somebody worth over $100 billion is like a working class person losing $7 in the company super bowl pool.
kpete
(72,145 posts)Knocked down to 5th place!
Celerity
(44,481 posts)He was over $200 billion at one point, the 2nd person, after Bezos to reach that level. Musk is now a $200 billion club member as well.
A HERETIC I AM
(24,409 posts)His Net Worth is $200 Bil when Amazon trades above $3500.
That was last the case early last month.
WarGamer
(12,848 posts)A HERETIC I AM
(24,409 posts)Ocelot II
(116,563 posts)ffr
(22,712 posts)Which is something I can draw a line in the sand on. No Facebook. If you want to talk to me, pick up the phone or text me. Otherwise, I won't be sharing or seeing it.
To invasive Facebook
PortTack
(32,941 posts)Sherman A1
(38,958 posts)this evening.
Initech
(100,381 posts)Silent3
(15,614 posts)Alexander Of Assyria
(7,839 posts)OAITW r.2.0
(25,212 posts)Lets revisit his wealth in 12 months and see where he stands. At this level, $7BB is pretty meaningless when you still are worth over $110BB.
Shermann
(7,672 posts)He's young enough to have a shot at the Four Comma Club (presently no known members).
stillcool
(32,626 posts)AKwannabe
(5,752 posts)Cuz that hurts them rich people REAL BAD!
Lol
FakeNoose
(33,419 posts)The Facebook stock might be valued at slightly less at the moment, but there are always ups and downs. As long as he doesn't sell for a loss - and that would never happen - then he still has full value. All he needs to do is wait for the price of FB shares to go back up before he sells any of them.
For all I know, he'll probably never sell any of his shares. He's already got all the money he could possibly spend in one lifetime as it is.
pwb
(11,462 posts)That is why we should tax the crap out of these guys because they would still have tons of money after.
jimfields33
(16,673 posts)Today a billionaire, tomorrow bankrupt. Companies go out of business everyday.
brooklynite
(95,558 posts)There was a tech crunch in the market today. Tech stocks are still way ahead of where they were a year ago. They'll recover like the market at large does.
Blue Owl
(51,157 posts)Nictuku
(3,659 posts)Here is what I think happened. Zuckerberg sold off millions and millions worth of shares in August. He probably bought them all back today. (I wish I could post an image here without it being linked to a website, or photobucket, etc). I have a stock market image which shows that he sold (just under 30 million) each day on 18 days in August, around 500 million worth.
I would be willing to bet that he bought back all those shares at a low low price today.
I have a feeling that it didn't have a lot to do with the 60 minutes whistleblower, other than that being a good cover for the stock to tank.
Facebook/Instagram, etc. crashing (as seen on another post here at DU today) seems like they did it to themselves. The fix was in?
Sympthsical
(9,238 posts)They learned of it, went in to do repairs/patch up holes, and someone(s) touched the no-no button.
Although the image of employees unable to enter their own buildings to fix things is hilarious.
I mean, it seems just an epic screw up. I don't think it was intentional. I think they wanted to get ahead of the hacking story, rushed to patch things, and goofed in their haste. Seems the likeliest scenario.
If he made money off it, well, silver lining for him.
Nictuku
(3,659 posts)The best info I could find about it today was right here on DU credit to herding_cats):
https://www.democraticunderground.com/100215921726
Sympthsical
(9,238 posts)Ooh, that makes it look like there's a major gap in their organizational structure to handle these things.
It is always kind of funny when a trillion dollar company goes down to that kind of oopsie.
I have a feeling we'll learn who was ignoring a raging problem and for how long in short order.
orangecrush
(19,889 posts)monkeyman1
(5,109 posts)don't foresee him bailing out of a high - rise building anytime soon !