Mark Zuckerberg just put his money where his mouth is — to the tune of $3 billion
One small tweak to an algorithm, one giant crater in Mark Zuckerberg’s net worth.
The Facebook CEO took a $3 billion hit to his net worth on Friday as his company’s stock dipped following news of major changes to the company’s News Feed.
Facebook warned that the changes, meant to boost the visibility of posts by friends and family, could mean people spending less time on Facebook. That would mean less adds, which means less money.
Facebook stock declined about 4 percent. With the bulk of Zuckerberg’s net worth sitting in Facebook stock, that equates to more than $3 billion.
Don’t feel too bad for him though. He’s still sitting on some $74 billion.
And if you happen to be a Facebook shareholder, don’t let the dip worry you. Facebook stock is still up 42 percent in the past year.
That said, Friday’s decline was among the sharpest for Facebook in its time as a public company. The social network has become a juggernaut in just the fourteen years of its existence. It’s now valued at more than $520 billion.
Along the way, Zuckerberg has morphed from awkward college student into one of the world’s most admired CEOs — albeit one who took some licks in 2017. Facebook’s feel-good run ended when the social network came under fire after Russians pumped propaganda and misleading news stories through its system. The company has since moved to take action, though some in the U.S. government are calling for increased regulation.
Investors mostly shook off that news. Facebook remains one of the most valuable public companies in the U.S. And Zuckerberg remains one of the richest people in the world.