Facebook loses $130 bn in just two hours, Zuckerberg $17 bn

Facebook Inc.’s scandals are finally hitting the company where it hurts the most, its growth. Facebook lost about $130 billion in market value in just two hours, its steepest stock decline ever, and the personal wealth of Facebook co-founder and chief executive Mark Zuckerberg also took a major hit, Mark Zuckerberg lost nearly $17 billion in just two hours on Wednesday. It’s just about a fifth of his net worth.

Facebook’s growth is slowing with users in some of its most lucrative markets. Facebook reported its slowest growth rate ever, with 2.23 billion people logging in at least once a month in June, below the 2.25 billion analysts expected. $130 billion had been wiped off of Facebook’s market cap as a result of the stock’s plunge.

 

 

The disappointing results came after Facebook has been embroiled in a data scandal affecting millions of users. Facebook’s shares fell 16 per cent to $181.89 as of 5.30pm ET, according to Forbes. Just 18 minutes later, it dropped to $167 – bringing Zuckerberg’s net worth to $63.6billion.

Zuckerberg woke up as the fourth richest person in the world with an $82.4billion net worth on Wednesday but was in the eighth spot by the end of the day.
Facebook has been struggling for years with criticism about its content policies, its failure to safeguard private data and its changing rules for advertisers. Those problems hadn’t mattered to the success of the business until now. The Facebook CEO saw his net worth tumbled by $20billion, a record drop, taking him down four spots in Forbes’ World Billionaires List.

Still, Zuckerberg assured investors that Facebook continues to see growth on its core platform, as well as its other properties, which include Instagram, WhatsApp and Messenger.

Mark Zuckerberg Lost Almost $17 Billion In About an Hour July 25, 2018. Here's What Happened:

Sometimes you win, sometimes you lose. Sometimes your net worth drops like a rock.

Mark Zuckerberg lost an incredible amount of money yesterday. It's hard even to imagine or convey. But I think it's important to try. 

In total, it was $16.8 billion, gone--poof!--in about an hour, as Facebook's stock cratered on a disappointing earnings report. 

Sure, the stock could rebound. Gone today, here tomorrow. We'll talk about that below.

 

(Update: In trading on Thursday morning, Facebook's stock continued to drop. As of 11:30 ET, the company was on pace to lose $115 billion in market value, which would be the largest single-day loss of any company in history. You can track Facebook's stock price here, and we'll update this post again by the end of the day.)

But it's something else entirely to try to grasp what $16.8 billion really represents--and along with it, the fields of absurdity on which our country's true icons of entrepreneurship are playing.

In less than one hour, Zuckerberg lost an amount equal to:

  • the total nominal GDP of the entire country of Jamaica;
  • about 1.7 times as much money as President Trump claims to have made in his entire lifetime;
  • the entire market cap of Snap, or if you prefer, United Airlines;
  • roughly the combined salaries of every single player in the NFL this year; or
  • as much as and your 1,000 closest friends, family members, and acquaintances will make in your entire working careers combined, assuming you each work for 60 years at jobs that pay an average of $250,000 a year.

Sixty minutes or so. Gone. At least for now.

Of course Zuckerberg is still ridiculously wealthy. Even if his losses hold, he'd have about $70 billion according to Bloomberg, enough to make him the sixth-richest person on the planet.

But when he woke up Wednesday, he was #3. 

 

 

So what happened? Pretty simple: Facebook's second quarter earning report came out, and it underperformed what analysts expected. Revenue was actually up--but not as much as investors had apparently factored into the share price.

And user growth is down, at least on Facebook itself, although the company was quick to point out, for the first time, that a total of 2.5 billion people use at least one of the company's apps each month, including WhatsApp and Instragram.

Maybe it will all rebound. It has before, although the challenges facing Facebook now seem particularly acute.

And by the time Zuckerberg, Sheryl Sandberg, and Facebook CFO David Wehner were finished taking questions on an analysts conference call, the company's stock had fallen 24 percent. 

With it, Zuckerberg had lost a lot of money.

How much? Let's try one last analogy: enough to buy the New York Yankees, Los Angeles Dodgers, Chicago Cubs, and San Francisco Giants.

 

And still have enough left over to pick up the Boston Red Sox, too.

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