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Mark Zuckerberg downfalls in Billionaire index after Facebook Shares falls

Mark Zuckerberg downfalls in Billionaire index after Facebook Shares falls

Mark Zuckerberg, the world’s biggest social media company’s owner, is in tension for the last 48 hours. His tension is a fall in the stock of the company. His company’s share broke 20 percent on Thursday. With this, the market value of Facebook has fallen by 8.16 lakh crores. It also shows its impact on their total assets. On Thursday, companies assets were reduced to $ 16.5 billion (Rs 1.1 lakh crore) in a few hours. This is one of the biggest losses of a day in the history of the American stock market. Earlier, in September 2000, Intel’s market share diminished by $ 91 billion due to a fall in its stock. Its share declined due to Facebook’s quarterly results. The company announced the results of the April-June quarter on Wednesday, which is not according to the industry’s expectations. Facebook shares also dropped 12% in a single day in July 2012.

Due to the fall in Facebook shares, the net worth of company CEO Mark Zuckerberg dropped to 1.09 lakh crore rupees ($ 16 billion). Out of the 500 eminent people in the Bloomberg Billionaire index, the wealth of 430 is less than 1.09 lakh crores. Due to the loss of Facebook shares, due to the loss of Zuckerberg, he slipped from the number three to the Billionaire index and came to the sixth place.

Company’s Chief Financial Officer, David Weiner, also said that it is difficult to see growth in the coming days. As soon as this information was given to Wall Street from Facebook, the company’s shares got tarnished.

The social media company is being constantly criticized for the data security over the past few months. Its impact has now been on the net worth of the company and the mark. On Wednesday, the company announced its results for the second quarter. It was revealed that according to estimates, the user base has not increased and there is a considerable decrease in it. The number of active users is 1.47 billion in June. The number of daily active users from the US and Canada in the company’s largest markets is 18.5 million. This figure was almost the same in June last year. In Europe, the daily user decreased by 1%. Company officials said that revenue could fall further in the next few months.

About the author

Abhishek Lohia

Abhishek Lohia was a Sports and Political Writer working for Newsfolo and is no longer associated with the organization.

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