Mark Zuckerberg is no longer one of the top 40 richest people on the planet.
With Facebook shares taking a dive since the world’s largest social network went public earlier this month, the 28-year-old CEO dropped off the list of the world’s 40 richest people yesterday, according to the Bloomberg.
Zuckerberg’s monetary worth is now estimated to be around $14.7 billion, down from $16.2 billion on May 25. In that time, Facebook shares have fallen 9.6 percent to $28.84.
“It seems to be a clear reflection that there was just too much stock issued, that the valuation was aggressive and that a lot of people who lined up to buy it really had no intention of holding it,” said Jack Ablin, chief investment officer of BMO Harris Private Bank in Chicago.
When shares of Facebook closed at $38.23 on May 18, the day the stock debuted on the NASDAQ, Zuckerberg’s net worth totaled $19.4 billion.
Some analysts think the company’s stock could continue to slip before it can finally stabilize, which would mean the newly-marriage CEO‘s personal fortune could take a even bigger hit.
Colombian businessman Luis Carlos Sarmiento, who has amassed a financial services empire worth $15.5 billion, replaced Zuckerberg on Bloomberg‘s list, which is updated daily.
Number 1 on the list was Mexican telecom guru Carlos Slim Helu, ($67.9 billion), who’s ahead of Microsoft founder Bill Gates ($60.5 billion) and Berkshire Hathaway CEO Warren Buffet ($44.7 billion).
Related articles
- Mark Zuckerberg No Longer On List of 40 Wealthiest People (betabeat.com)
- Mark Zuckerberg’s wealth drops with stock value (sfgate.com)
- You: Facebook stock drop fallout: Zuckerberg off top 40 richest list (latimes.com)
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