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Mark Zuckerberg, Facebook's founder, is no longer one of the world’s 40 richest people, after his fortune fell from $16.2 billion on May 25 to $14.7 billion.
Mark Zuckerberg has slipped off Bloomberg's billionaire's index this week, after his net worth fell from $16.2 billion on May 25 to $14.7 billion on Tuesday, Bloomberg Businessweek reported. He is no longer one of the 40 richest people in the world.
Zuckerberg's losses come amid Facebook's rocky initial public offering, which has decreased the social media company's $25 billion market valuation in the first seven days of trading, CBS News reported.
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Facebook's IPO was one of the largest in US history, and the largest ever for a social media company, but it now also has the distinction of being one of the worst-performing public offerings, losing over 20 percent of its value in seven trading days, the Washington Post reported.
“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, CEO of BMO Harris Private Bank in Chicago, told Bloomberg.
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Zuckerberg — is now $800 million below the last person on the list, Colombian banker Luis Carlos Sarmiento — isn't the only one taking a hit from Facebook's poor performance on the stock market, CBS News points out.
Four of the world's 20 youngest billionaires have their fortunes tied up in the social media site, including Dustin Moskovitz (Facebook's third-ever employee), Sean Parker, and co-founder Eduardo Saverin, Forbes reported in March.