Mark Zuckerberg may drop down Bloomberg’s Billionaire Index

Facebook CEO Mark
Zuckerberg could lose his spot on the list of the richest
billionaires.
Photo by Chip
Somodevilla/Getty Images

• Facebook’s shares plummeted by over 20% on Wednesday,
  affecting the net worth of founder Mark Zuckerberg.
• Bloomberg reports that his worth decreased in value
  by $16.8 billion during after-hours trading on Wednesday.
  If this holds by end of trading on Thursday, Zuckerberg will
  slip three places down Bloomberg’s billionaire index.
• Zuckerberg has also been selling stock since Facebook
  reported its 2018 Q1 results.

Following
Facebook’s astonishing fall in market value on Wednesday, CEO
Mark Zuckerberg is at risk of losing third place on Bloomberg’s
Billionaires Index.

The social network’s value plunged nearly 24% after its
disappointing Q2 earnings report and executives (including
Zuckerberg) warning of slowing revenue growth. Shares
recovered slightly, closing after-hours trading down 20.2% at
$217.50.

Bloomberg reports that Zuckerberg’s fortune took a hit of
$16.8 billion as a result, and that if Facebook’s drop in value
holds through to end of trading on Thursday, then he will slip
down its Billionaires Index by three places.

Zuckerberg is currently worth $86.5 billion, but the loss would
push him under the $70 billion mark. This would mean he drops
from number three to number six, putting him behind Amancio
Ortega, the founder of retail chain Zara. The loss would also
negate his $13.7 billion of gains for the year.

Cheddar
tech reporter Alex Heath wrote that Zuckerberg has
sold over $2.6 billion worth of Facebook stock since the
company
reported its Q1 earnings in April. Zuckerberg says his
huge unloading of stock is
to fund philanthropic efforts.