Facebook CEO Mark Zuckerberg suffered a loss of billions in hours. Two hours after the market closed on Wednesday, the fifth-richest person on the plant, Facebook CEO Mark Zuckerberg, found that $3.7 billion from his fortune just vaporized, despite strong third-quarter results.
But this kind of volatility is not new for the fifth-richest person in the world, according to Forbes. Last April, when Facebook announced its first-quarter results, The company’s CEO gained $4.2 billion then within two-and-a-half hours after markets closed. The same thing also happened in July. After the company announced second-quarter results, his fortune added $3.4 billion in the hour after markets closed.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com.
Thank you.
Zuckerberg’s net worth was $54.4 billion, according to FORBES on Wednesday. At 6 p.m. Eastern time it was worth $50.6 billion. But Zuckerberg did not lose his fifth place in Forbes’ richest people in the world, after Warren Buffett at fourth place, Mexican Carlos Slim at sixth place.
Facebook on Wednesday reported $7 billion in quarterly revenues. It was up “only” 56% from the same period a year earlier. But investors were nonetheless disappointed. Facebook has beaten revenue and earnings expectations for six quarters straight. But during the earnings call the company said its expenses will increase in 2017, in part because users are sharing more videos, driving up network costs. Investors may also be concerned about the company’s suggestions this quarter that revenue growth from advertising may be “slower” next year – investors were apparently spooked by the somewhat indefinite nature of the adverb employed by Facebook.
