Mark Zuckerberg's net worth drops over $15 billion today as Facebook's shares get pounded
Mark Zuckerberg's wallet just got much lighter today. Like $15 billion lighter. After the stock market closed yesterday, Facebook reported higher than expected second quarter earnings, although revenue fell short of the figure Wall Street was looking for. If that was all Facebook announced, the stock might have actually gone up today. However, due to the cost of new privacy initiatives that the company is putting in place, Facebook lowered its expectations for future profits.
Zuckerberg reportedly owns 387,095,123 Class A and Class B shares of Facebook. The company has been named in some privacy scandals this year, including the one involving defunct political consultantcy Cambridge Analytica. The latter got its hands on the profiles of 87 million Facebook members without the consent of each subscriber. The data was obtained by Russian-American Aleksandr Kogan, who allegedly sold the information to political operatives to use in the 2016 presidential election.
Facebook's shares initially held up well despite the Cambridge Analytica news, and Zuckerberg's subsequent two-day grilling by the Senate and House. But as many on Wall Street know, a stock can survive scandals and crises; but disappoint the Street by as little as a penny, and it's look out below.
source: FOXBusiness
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