Mark Zuckerberg has seen his fortunes literally decline as continued decline in Facebook’s share price has knocked around $1.5 billion off his personal wealth.
According to Bloomberg, the development means that Zuckerberg is no longer one of the world’s richest people, with his personal wealth standing at $14.7 billion compared to $16.2 billion at the end of last month. Our hearts bleed for him.
Since Facebook floated itself on the stock market, the social networking site has become the worst performing large IPO in the last decade with share prices standing at $28.19 compared to £38.23 on the first day.
“It seems to be a clear reflection that there was just too much stock issued, that the valuation was aggressive and that a lot of people who lined up to buy it really had no intention of holding it,” Jack Ablin, CIO at BMO Harris Private Bank told Bloomberg.
Want to receive up-to-the-minute tech news straight to your inbox? Then click here to sign up for the completely free PCR Daily Digest and Newsflash email services. You can also follow PCR on Twitter and Facebook.