BREAKING: Mark Zuckerberg Loses $7 Billion in Net Worth as Facebook Stock Falls

[kpete]

Mark Zuckerberg’s personal wealth has fallen by more than $6 billion in a few hours, knocking him down a notch on the list of the world’s richest people, after a whistleblower came forward and outages took Facebook Inc.’s flagship products offline.

A selloff sent the social-media giant’s stock plummeting 4.9% on Monday, adding to a drop of about 15% since mid-September.

The stock slide on Monday sent Zuckerberg’s worth down to $121.6 billion, dropping him below Bill Gates to No. 5 on the Bloomberg Billionaires Index. He’s down from almost $140 billion in a matter of weeks, according to the index.

Link to tweet

?s=20
https://www.bloomberg.com/news/articles/2021-10-04/zuckerberg-loses-7-billion-in-hours-as-facebook-plunges

[Boomerproud]

1. I.Don't.Care.

[USALiberal]

5. But you took time to post this???

[LanternWaste]

9. Your grasp of the obvious is delightful

Feeling better, I hope...

[abqtommy]

22. Do. Yu? It's pretty hard for me to get upset over this news!

[jimfields33]

26. I doubt he cares too

That paper loss must be tragic.

[multigraincracker]

2. Wealth Tax put on him by

the Free Market.

[MontanaMama]

3. He can afford it.

Hope he’s having a sad tonight.

[NewJeffCT]

4. I doubt he's losing sleep over it

$7 billion to somebody worth over $100 billion is like a working class person losing $7 in the company super bowl pool.

[kpete]

6. This is probably the part that hurts most

Knocked down to 5th place!

[Celerity]

25. Wow, Bernard Arnault (LVMH) is down over $50 billion in net worth from just a few months back.

He was over $200 billion at one point, the 2nd person, after Bezos to reach that level. Musk is now a $200 billion club member as well.

[A HERETIC I AM]

31. Based on the number of shares Bezos has....

His Net Worth is $200 Bil when Amazon trades above $3500.

That was last the case early last month.

[WarGamer]

7. and he'll regain a couple Billion tomorrow... these things are up/down daily.

[A HERETIC I AM]

30. Yup. He didn't lose a thing unless he sold.

[Ocelot II]

8. So sad.

[ffr]

10. He's a leach on society.

Which is something I can draw a line in the sand on. No Facebook. If you want to talk to me, pick up the phone or text me. Otherwise, I won't be sharing or seeing it.

To invasive Facebook

[PortTack]

14. Thank you!! They are NO better than fux snooz...a big part of the hole in our democracy

[Sherman A1]

11. I suspect that he will still be able to afford dinner

this evening.

[Initech]

12. Daaaaaaaaaaaaaaaaaaaaaaaaamn!

[Silent3]

13. And that will hurt him about as much as losing a sock hurts most of the rest of us n/t

[Alexander Of Assyria]

15. Hurts his mountainous ego, makes me happy.

[OAITW r.2.0]

16. Oh well.

Lets revisit his wealth in 12 months and see where he stands. At this level, $7BB is pretty meaningless when you still are worth over $110BB.

[Shermann]

17. He's still in the Three Comma Club

He's young enough to have a shot at the Four Comma Club (presently no known members).

[stillcool]

18. I hope he's on a roll...

[AKwannabe]

19. Kickin

Cuz that hurts them rich people REAL BAD!
Lol

[FakeNoose]

20. He hasn't lost anything because he stlll owns the stock

The Facebook stock might be valued at slightly less at the moment, but there are always ups and downs. As long as he doesn't sell for a loss - and that would never happen - then he still has full value. All he needs to do is wait for the price of FB shares to go back up before he sells any of them.

For all I know, he'll probably never sell any of his shares. He's already got all the money he could possibly spend in one lifetime as it is.

[pwb]

21. That's the thing. He won't miss that.

That is why we should tax the crap out of these guys because they would still have tons of money after.

[jimfields33]

27. How can you tax him when he has only wealth on paper?

Today a billionaire, tomorrow bankrupt. Companies go out of business everyday.

[brooklynite]

23. ...and he'll make billions back when the stock price goes back up later this week...

There was a tech crunch in the market today. Tech stocks are still way ahead of where they were a year ago. They'll recover like the market at large does.

[Blue Owl]

24. Fuck Zuckkk

[Nictuku]

28. Here is what I think happened

Here is what I think happened. Zuckerberg sold off millions and millions worth of shares in August. He probably bought them all back today. (I wish I could post an image here without it being linked to a website, or photobucket, etc). I have a stock market image which shows that he sold (just under 30 million) each day on 18 days in August, around 500 million worth.

I would be willing to bet that he bought back all those shares at a low low price today.

I have a feeling that it didn't have a lot to do with the 60 minutes whistleblower, other than that being a good cover for the stock to tank.

Facebook/Instagram, etc. crashing (as seen on another post here at DU today) seems like they did it to themselves. The fix was in?

[Sympthsical]

29. My surface thoughts are it had to do with the hack

They learned of it, went in to do repairs/patch up holes, and someone(s) touched the no-no button.

Although the image of employees unable to enter their own buildings to fix things is hilarious.

I mean, it seems just an epic screw up. I don't think it was intentional. I think they wanted to get ahead of the hacking story, rushed to patch things, and goofed in their haste. Seems the likeliest scenario.

If he made money off it, well, silver lining for him.

[Nictuku]

32. I don't think it was a hack

The best info I could find about it today was right here on DU credit to herding_cats):

https://www.democraticunderground.com/100215921726

[Sympthsical]

35. Thanks for the additional information!

Ooh, that makes it look like there's a major gap in their organizational structure to handle these things.

It is always kind of funny when a trillion dollar company goes down to that kind of oopsie.

I have a feeling we'll learn who was ignoring a raging problem and for how long in short order.

[orangecrush]

33. KICK

[monkeyman1]

34. Wall Street paper game !

don't foresee him bailing out of a high - rise building anytime soon !