Zuckerberg Fortune Drops $600 Million as Facebook Flops
The fortune of Mark Zuckerberg, Facebook Inc. (FB)’s co-founder and CEO, dropped to a new low today.
The 28-year-old’s net worth fell to $10.2 billion, its lowest point since the company’s May 17th initial public offering, according to the Bloomberg Billionaires Index. Facebook shares sank 6.3 percent today after the company freed up 271.1 million shares, a move that boosted the amount of stock available to trade by 60 percent. The shares closed at $19.87 in New York after dipping to a record low of $19.69 earlier in the day.
"The market is not convinced of Facebook’s future," David Kirkpatrick, author of "The Facebook Effect," a history of the company, said in a telephone interview, adding that Zuckerberg probably isn’t worried about the sagging value of his own shares. "He thinks of it only in terms of how it affects the company’s strategic and tactical opportunities."
Photo Credit: (hottipscentral.com)