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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsAfter Latest PR Nightmare, Mark Zuckerberg's Net Worth Drops $5.1 Billion In Hours
After another public relations debacle for Facebookin which a Trump-affiliated data firm was accused of improperly gleaning information on more than 50 million usersthe companys stock plummeted nearly 7% through 1 pm Eastern Time on Monday, erasing $37 billion of market value. The decline had the biggest impact on Mark Zuckerberg, Facebooks cofounder and CEO, whose net worth fell $5.1 billion.
Zuckerberg, who owns about 16% of Facebooks shares, is now worth an estimated $69.5 billion, according to Forbes real-time rankings of the worlds billionaires. He is currently the seventh-richest person on the planet, down from fifth, after falling behind Zara cofounder Amancio Ortega and Carlos Slim Helu, Mexicos richest person.
Its the latest in a string of bad news for Facebook. Last year it was blamed for, among other things, facilitating misinformation, contributing to polarization in Britain, Austria, Italy and elsewhere and enabling foreign political interference. Already, 2018 has been no less turbulent.
https://www.google.com/amp/s/www.forbes.com/sites/noahkirsch/2018/03/19/after-latest-pr-nightmare-mark-zuckerbergs-net-worth-drops-5-1-billion-in-hours/amp/
Wellstone ruled
(34,661 posts)401's and Mutual Funds. Again,the unsuspecting will get burned.
orangecrush
(19,572 posts)to spread the word!
Wellstone ruled
(34,661 posts)people tend to follow the Herd when it comes to investing or selecting a 401 and the shit hits the fan. Looks like the Herd is headed for the cliff..
peggysue2
(10,832 posts)Thoughts and prayers for all those billions.
dalton99a
(81,515 posts)BigmanPigman
(51,609 posts)So he saved $40 million give or take a few. When his overall wealth is valued at $75 billion it is peanuts.
https://www.marketwatch.com/story/zuckerberg-saved-tens-of-millions-by-selling-facebook-stock-ahead-of-monday-decline-2018-03-19
orangecrush
(19,572 posts)those with FB stock in their 401s were not so lucky, I assume.
former9thward
(32,023 posts)The stock is way up for anyone who bought it in the past. It will go back up but you will not see any OPs or posts about that.
CTyankee
(63,912 posts)orangecrush
(19,572 posts)for him!
PubliusEnigma
(1,583 posts)orangecrush
(19,572 posts)The Velveteen Ocelot
(115,733 posts)orangecrush
(19,572 posts)Hassler
(3,379 posts)orangecrush
(19,572 posts)he regrets playing with the Mercers now?
moondust
(19,993 posts)Let us prey...
Baclava
(12,047 posts)Facebook Inc. Chief Executive Mark Zuckerberg saw his net worth decline by about $5 billion Monday, but it could have been worse.
Ahead of Facebooks worst one-day decline since 2012, prompted by news that data affecting 51.3 million members was improperly shared with a political consulting firm, Zuckerberg had been busy selling stock. So far this year, he has sold nearly five million shares.
Disposing of those Facebook FB, -1.02% shares before Monday ended up saving about $40 million, according to Securities and Exchange Commission filings and some arithmetic by MarketWatch
https://www.marketwatch.com/story/zuckerberg-saved-tens-of-millions-by-selling-facebook-stock-ahead-of-monday-decline-2018-03-19
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a few million here, a few million there, it adds up
former9thward
(32,023 posts)A million is a 1/1000 of a billion. His sales are meaningless compared to his net worth. And the stock will come right back up.