Facebook’s Mark Zuckerberg change of heart just cost him $3.3 billion
New York: Mark Zuckerberg’s latest Facebook post is proving expensive.
The co-founder of the world’s largest social-media business saw his fortune fall $2.9 billion on Friday after he posted plans to shift users’ news feeds toward content from family and friends at the expense of material from media outlets and businesses.
Shares of Menlo Park, California-based Facebook tumbled 3.9% at noon in New York, cutting Zuckerberg’s fortune to $74.4 billion on the Bloomberg Billionaires Index. If that decline holds through the close of trading, he will lose his place as the world’s fourth-richest person to Spanish retail billionaire Amancio Ortega.
The drop wipes out much of the $4.5 billion Zuckerberg, 33, has added so far this year. The world’s 500 richest people gained $1 trillion in 2017 and an additional $17 billion in the first two weeks of 2018, according to the Bloomberg index. Bloomberg
- President Kovind gives nod to ordinance seeking death penalty for child rapists
- Tata Motors’ market share in commercial vehicles rises to 44% in FY18 on turnaround strategy
- Idea Cellular’s proposal for 100% FDI under consideration of DIPP
- ICICI-Videocon loan case: Sebi may seek forensic probe of bank books, disclosures
- Saudi Arabian security shoots down recreational drone near royal palace