Yahoo Finance Zuckerberg's net worth falls more than $2 Billion as Facebook shares bomb
The value of Mark Zuckerberg‘s stake in Facebook fell more than $2 billion Thursday as Facebook shares dropped both during the trading session and after hours, following the release of Facebook’s first quarterly earnings release as a public company.
Despite meeting analysts’ expectations and posting profits of US$0.12 a share on US$1.18 per share in revenue, Facebook was unable to appease the markets, which have been relatively bearish on social media companies this week. On Wednesday, social gaming company Zynga, which missed analysts’ estimates in its second quarter earnings call, watched as its stock fell more than 35% in after hours trading.
Related: It would be a bad, bad thing if Facebook tried to charge users
The drop hasn’t been as steep for Facebook. At 5:10 pm ET, the stock was down 8.5% to US$24.43 in after hours trading from Thursday’s closing price. The stock also fell 8.5% during the regular trading session–due, in part, to concerns about the company’s ties to Zynga. Facebook shares closed at US$26.84 before the earnings call.
On Forbes 2012 World’s Billionaires List in March, Zuckerberg’s net worth was $17.5 billion. Late Thursday afternoon, Forbes puts Zuckerberg’s net worth at about $12.1 billion –down $2.1 billion from Wednesday’s market close.
Related: Facebook posts loss in first earnings after IPO
Zuckerberg isn’t the only social media CEO to lose big after his company’s earnings call. Zynga CEO Mark Pincus lost more than $120 million overnight following his company’s earnings call on Wednesday, dropping him well below the $1 billion net worth mark.
“Our goal is to help every person stay connected and every product they use be a great social experience,” said Mark Zuckerberg, Facebook founder and CEO, said in a statement. “That’s why we’re so focused on investing in our priorities of mobile, platform and social ads to help people have these experiences with their friends.”
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