Facebook's catastrophic year has caused Mark Zuckerberg to lose more money than any of the world's other 500 richest billionaires

Published on: 19 Dec, 2018

After Facebook Inc.’s (NASDAQ: FB) disastrous year, its Executive Officer and co-founder, Mark Zuckerberg, lost billions of dollars of his net worth. His staggering wealth of USD 75 Billion had dropped to USD 56 Billion, a USD 19 Billion difference.

Zuckerberg currently holds a 13% stock in his Company, according to BusinessInsider. And after multiple Facebook fiascos this year, it came back to bite him. These include the Cambridge Analytical scandal, accusations of mismanagement, a shareholder revolt and questions over inappropriate content and fake news.

On July 25th, Facebook’s stock price fell by more than 20% after the Company reported disappointing second-quarter earnings. As expected, Zuckerberg’s net worth also dropped.

On November 24th, Facebook’s stock hits its lowest point. Zuckerberg's net worth was roughly USD 52 Billion at this moment in time. The share prices have since recovered slightly, and Time Magazine’s Money predicts he will lose up to USD 15 Billion.

If this publication were to come to fruition, Zuckerberg would end up losing the most money in 2018 out of any of the world’s 500 wealthiest people. This list includes Amazon’s Executive Officer Jeff Bezos, who has also lost billions of dollars in recent weeks as part of a wider downturn in tech stocks.

Just recently, the New York Times released an article stating that Facebook “gave Microsoft, Amazon, Spotify and others far greater access to people’s data than it has disclosed.” This does not bode well for Zuckerberg, especially since Facebook was already dealing with privacy scandals this past year. This should effectively cause a larger decrease in Zuckerberg’s net worth as well as the whole Company’s.

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Nelson Cheng

Email: nelson@financialinsiders.com

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