Mark Zuckerberg Drops Off Top 10 Tech Billionaires List
Mark Zuckerberg, Founder and Chairman of Facebook, Inc., has not had a good week. First is was the report that his sister, Ariella, was now an employee of Facebook’s largest competitor Google when the search company bought Wildfire Interactive. Ariella is a junior product manager with Wildfire.
Then on Thursday Facebook’s stock took a nosedive and fell to its lowest point yet of $20.04 dollars per share. This was to be somewhat expected after Facebook reported weak second quarter earnings and that some 83 million Facebook pages might be complete fakes. Investors are afraid the combination of the two might lead to additional lost advertising revenue in the future.
Then, on Friday, Zuckerberg lost his place among the 10 richest technology billionaires according to Bloomberg News
Thursday Zuckerberg watched his personal fortune shrink by $423 million dollars. It isn’t like it was cash that disappeared form a bank. Almost all of Zuckerberg’s wealth is concentrated in Facebook stock. Friday the stock gained enough that he made all his money back, but that is beside the point.
The real question is how much Zuckerberg actually cares. While it may hit him in the ego, he is notoriously disinterested in money.
Ron Florance, managing director of investment strategy for the Wells Fargo Private Bank, told Bloomberg,
“From an emotional standpoint, he might care. He’s much more worried about maintaining Facebook’s market share in the social-media space than the day-to-day valuation swings of his company stock. He’s not worried about going broke.”
Add this news to the fact that one of Facebook’s biggest partners, Zynga, shedding profits while publicly disavowing Facebook itself, in addition to facing a lawsuit for allegedly shady business practices and you have one bad week for Mark Zuckerberg.