Friday, August 17, 2012

Facebook Inc (NASDAQ:FB) ‘s CEO Zuckerberg Wealth Reduces by $600 Mln After Stock’s Plunge

Bloomberg Billionaires Index has reported astonishing news – Mark Zuckerberg’s - founder and CEO of Facebook Inc (NASDAQ:FB), net worth has plummeted to 10.2 billion dollars, its lowest point, ever since Facebook reported its first earnings as a public company. 271.1 million worth of shares has been freed, which led to a drop of 6.3% and allowed the stock to trade by 60%. The shares had dropped as low as $19.69, but finally came to $19.89 in New York.

David Kirkpatrick, author of "The Facebook Effect," a history of the company has quoted that Facebook’s future is uncertain, which have made investors wary. According to David, Zuckerberg is more concerned about the company’s welfare, which will be affected by the drop in shares, rather than the fall in his wealth.

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With a $38 initial offering price, Facebook is down by 48%. It had managed to amass 16 billion dollars in its IPO, which is the biggest amount ever for a technology giant. It has lost a record figure, more than 40 billion, in value since the offering, in spite of a market capitalization amounting to 48 billion. Bloomberg’s data has made it evident that Facebook’s performance as an IPO is the worst when compared to the other large ones on record.

Co-founder Christopher Hughes has also lost about 400 million dollars in stakes, bringing his worth down to 437 million, since the IPO. Dustin Moskovitz, one of the initial participants of the social networking site has about 133.7 million shares of the company's Class B stock worth 2.7 billion, which has come down by 2.4 billion. Saverin stakes have come down about $960 million and director Peter Thiel has converted about 9 million worth of shares from Class A to Class B. Ashley Zandy, a spokeswoman for Facebook, has maintained silence on behalf of the company.

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