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Facebook’s CEO lost about $6 billion in stock value

Source : 112 Ukraine

Shares of the social media giant plunged as much as 8 percent after reports emerged over the weekend that data analytics firm Cambridge Analytica used the data of over 50 million users of the social network without their permission
14:26, 20 March 2018

Open source

Facebook's Mark Zuckerberg lost $5.1 billion the day after Cambridge Analytica's data misuse was revealed - nearly 7%, through 1 pm Eastern Time on Monday, erasing $37 billion of market value. The decline had the biggest impact on Mark Zuckerberg, Facebook’s co-founder and CEO, whose net worth fell $5.1 billion, according to Forbes.

Zuckerberg, who owns about 16% of Facebook's shares, is now worth an estimated $69.5 billion, according to Forbes’ real-time rankings of the world’s billionaires. He is currently the seventh-richest person on the planet, down from fifth, after falling behind Zara co-founder Amancio Ortega and Carlos Slim Helu, Mexico’s richest person.

On March 17, news broke that data firm Cambridge Analytica—which worked as a consultant for Donald Trump’s presidential campaign—allegedly ”harvested private information from the Facebook profiles of more than 50 million users without their permission.” The report, published in the New York Times, has exacerbated concerns that the social media giant can be exploited for partisan gain. On Sunday, March 18, lawmakers in both the United States and United Kingdom pressed Facebook for more details on the matter.

Related: Trump does everything as Putin wants, - Biden

In the Times report, Facebook's deputy general counsel, Paul Grewal, called the incident "a scam — and a fraud.” “We will take whatever steps are required to see that the data in question is deleted once and for all — and take action against all offending parties,” he added. Cambridge Analytica was suspended from the platform soon after.

Zuckerberg holds more than 400 million shares of Facebook stock -- still good for about $68.5 billion.

Despite his losses, Zuckerberg's total net worth is still the fourth richest person in the world, behind Jeff Bezos, Bill Gates and Warren Buffet.

 

Related: Zuckerberg denies Trump's allegations that Facebook’s hostile to him

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