Zuckerberg fortune drops $600 million as Facebook shares flop

Advertisement

NEW YORK — The fortune of Mark Zuckerberg, Facebook’s co-founder and CEO, dropped to a new low Thursday.

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 Thursday 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.

Facebook is down 48 percent from its $38 offering price. The world’s largest social-networking company raised $16 billion in its IPO, the largest ever for a technology firm. With a market capitalization of $48 billion, Facebook has lost more than $40 billion in value since the offering, making it the worst performer among all large IPOs on record, according to data compiled by Bloomberg.

Advertisement

Log in to comment