Facebook has lost $16.8 billion in just two hours. If the fall continues for another day, the social media giant’s Chief Executive Officer Mark Zuckerberg might slip to sixth from third in Bloomberg Billionaires Index.
Zuckerberg suffered losses on Wednesday (25 July) as Facebook’s stocks plunged 24% in after-hours trade. Sliding shares resulted in Facebook losing about $150 bn in market value.
This shocking news came after the announcement of Facebook’s second quarter financial results which were disappointing.
Facebook's Chief Financial Officer David Wehner said the company’s revenue growth would continue to decelerate in third and fourth quarters.
"Our total revenue growth rate decelerated approximately seven percentage points in Q2 (to 42%) compared to Q1. Our total revenue growth rates will continue to decelerate in the second half of 2018, and we expect our revenue growth rates to decline by high single-digit percentages from prior quarters sequentially in both Q3 and Q4," Wehner said.
The loss of $16.8 bn means that Zuckerberg will lose his $13.7 bn of gains for this year, leaving him with $70 billion.
But this loss is just one fifth of Zuckerberg's net worth.