Losing several billion dollars, even when you’re the fifth richest guy on the planet, still has to sting.
That’s where Facebook CEO Mark Zuckerberg finds himself today, with the social network’s stock dropping 19 percent in early morning trading on Thursday, following its uninspiring second-quarter earnings report.
The stock’s dive has shaved $15 billion off of Zuckerberg’s net worth. The Facebook’s co-founder is the company’s largest shareholder, owning nearly 13 percent of its outstanding shares. Zuckerberg had been one of the top five richest people in the world before Facebook’s stock slid, with a fortune worth more than $80 billion, according to Forbes.
Facebook missed on Wall Street’s revenue projections for the first time in 13 quarters. It also reported less-than-expected daily and monthly active users. Shares were already down about 9 percent yesterday afternoon following the release of Facebook’s financials but went nosedived after CFO David Wehner said the company was looking at slower revenue growth in the quarters ahead.
Facebook’s decline on Thursday has cut about $120 billion off its market cap.