Mark Zuckerberg Drops 20 Spots on World's Billionaire List, Fortune Sinks $5 Billion in Two Weeks

by Knowlton Thomas | Culture

On May 18, when Facebook debuted at $38 on the public stock market, founder and CEO Mark Zuckerberg boasted a net worth of around $20 billion. This placed him as high as 21st on the list of world's wealthiest people—which we noted was an extraordinarily mind-blowing fact considering his age.

However, Facebook shares have consistently tumbled since then. And because the overwhelming majority of his wealth is tied to this single, highly volatile company, Zuck has seen his fortune sink by roughly $5 billion, or 25%, in less than two weeks. He's now outside of the top 40 billionaires.

This is a "first world problem," of course—I'm sure he'll survive just fine with his remaining billions—but it's still an incredibly dramatic change that highlights the tremendous troubles Facebook has faced in the short time since going public.

With Facebook shares down approximately 24%, the company's valuation has also plunged. From a high of $112 billion after it cracked $41 on opening day (a notably puny "pop" for the largest tech IPO ever), the social networks valuation now sits at about $79 billion.

Toronto, Ontario, Canada

Facebook's mission is to give people the power to share and make the world more open and connected. Millions of people use Facebook everyday to keep up with friends, upload an unlimited number of photos, share links and videos, and learn more about the people they meet. more

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Knowlton Thomas

Knowlton Thomas

Knowlton is the managing editor of Techvibes and author of Tempest Bound. Based in Vancouver, Knowlton has been published in national publications and has also appeared on television and radio. Previously he was an editor for New Westminster weekly The Other Press and served on its board of directors. When not working, Knowlton enjoys hiking, tennis, and martial arts. more

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