Connect to share and comment

Mark Zuckerberg loses $600 million as Facebook's share value plunges

Zuckerberg's net worth is at its lowest point since Facebook's May 17th IPO.

Facebook zuckerberg 2011 5 11Enlarge
Facebook founder and CEO Mark Zuckerberg at a News conference in October 2010. (Justin Sullivan/Getty Images)

Mark Zuckerberg is a lot poorer today than he was last week. 

The founder of Facebook has lost $600 million as the tech company's shares hit a new low on Thursday after the company released 271.1 million shares.  

Zuckerberg's social network has had a rocky time since it's initial public offering on May 17, and the young mogul's net worth has suffered as a result, Bloomberg Businessweek reported. He is now worth $10.2 million, down from $17.5 billion in March of this year, according to Forbes

The shares opened at a value of $38, and closed Thursday night at $19.87 after dipping to a record low of $19.69 earlier in the day, Bloomberg reported. 

More from GlobalPost: Facebook shares hit market as investors are allowed to sell

"Facebook's stock might be finally bumping along its bottom," Tim Smith, senior vice president of SunGard Astecs Analytics, which tracks short-selling activity, told the Associated Press

Overall,  Facebook's market value has declined by about $49 billion since the IPO, according to the AP. 

"The market is not convinced of Facebook's future," David Kirkpatrick, author of "The Facebook Effect," told Bloomberg.

Kirkpatrick also speculated that Zuckerberg isn't concerned about his lagging shares.

"He thinks of it only in terms of how it affects the company's strategic and tactical opportunities," said the author. 

More from GlobalPost: Zuckerberg no longer top 10 tech billionaire

http://www.globalpost.com/dispatch/news/business/120817/mark-zuckerberg-loses-600-million-facebooks-shares-drop