May 6, 2021

Putting Zuckerberg’s billion-dollar wipeout into perspective

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From Newsmax

For many of the world’s richest people, losing $15.1 billion in five minutes would be a wipeout.

For Mark Zuckerberg, it’s just about a sixth of his net worth.

His fortune tumbled 17 percent in the first five minutes of trading Thursday, as shares of the social media giant (FB) slid 18 percent on disappointing second-quarter results.

If that holds through the close, he’ll slide to sixth place from third on the Bloomberg Billionaires Index, a ranking of the world’s 500 richest people. It would also wipe out his $13.7 billion of gains for the year, leaving him with about $71 billion.

It had been worse Wednesday and the value he loses will continue to fluctuate as the stock continues to trade during Thursday’s session.

His fortune had tumbled by $16.8 billion in late trading Wednesday, as shares of the social media giant slid 20 percent at 5:37 p.m. in New York on disappointing results. That plunge wiped about out about one-fifth of his net worth.

The $16.8 billion evaporation of wealth was so big it would have left the following multi-billionaires without a cent to their name:

Charlene De Carvalho-Heineken — she is the biggest shareholder of the world’s second-largest brewer Heineken NV and has a net worth of about $16.7 billion
Iris Fontbona & family — Fontbona is the matriarch of Chile’s richest family, which controls Antofagasta Plc (among the world’s largest copper producers)
Leonard Lauder — chairman emeritus of Estee Lauder Cos Inc., one of the largest makers of cosmetics and fragrances globally
Zhang Zhidong — co-founder of Tencent Holdings Ltd. and has a net worth of $16.2 billion
Elaine Marshall — a director at Koch Industries Inc., the second largest closely held business in the U.S.
William Ding, chief executive officer of NetEase Inc. with a fortune of $16 billion
In fact, it would have wiped out 87 percent of the billionaires in Bloomberg’s index.

Facebook’s second-quarter revenue and average daily visitors fell short of analysts’ estimates, according to a statement from the Menlo Park, California-based company. Revenue increased 42 percent to $13.2 billion, missing the $13.3 billion Wall Street consensus. The company is grappling with new data laws in Europe, criticism over its content policies and privacy issues.

© Copyright 2018 Bloomberg News. All rights reserved.

Image: Putting Zuckerberg’s Billion-Dollar Wipeout Into Perspective
(Dreamstime/Neydtstock)

For more on this story go to; https://www.newsmax.com/finance/investinganalysis/zuckerberg-16-8-billion-dollar-wipeout-facebook/2018/07/26/id/873833/?ns_mail_uid=64942667&ns_mail_job=1803956_07262018&s=al&dkt_nbr=0105027y9eey

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