Mark Zuckerberg loses $600M in one day of trading
Net worth is a funny metric for rich people, in that it’s a measure of what they’ve got in the bank but not really a measure of what they’ve got in the bank.
For instance, there’s a reason the Forbes annual rich list changes each year, keeping most of the same people near the top but shuffling their standing from printing-to-printing (Warren Buffett, as an example, has been no. 2, no. 1, no. 2, no 3, no. 3 and no. 3 in the years since 2006).
We know why this is. Business founders and CEOs hold so much of their worth in company stock, which rises and falls and brings overall net worths with it.
So we get this, but still: it’s pretty shocking to see that someone like Mark Zuckerberg can lose $600 million in one measly day.
Facebook stock, as you know, hasn’t been so hot to trot since it debuted at its IPO earlier this year.
*Bing: Who is the richest man in Silicon Valley?
Down to less than $20 per share now from its $38 offering price, if you bought into the social network in May you’ve lost a bit since.
But imagine you’re Zuckerberg, the 28-year-old Facebook boss, and your net worth since the company went public is tied to the swells and swoons of its stock.
What happens is a day like Thursday, when Facebook shares dipped 6.3 per cent and took a few hundred million from the CEO’s pocketbook.
According to Bloomberg, Zuckerberg’s net worth fell $600 million during trading Thursday.
There are caveats, yes. Facebook stock only fell so much because the company freed up 271.1 million shares to boost the amount of stock available to investors. And Zuckerberg, for his part, is still worth more than $10 billion.
But it’s simply a remarkable decline, so otherworldly to normal people it bears note.
In fact, perhaps only Carlos Slim could relate.
By Jason Buckland, MSN Money
Posted by: m,arfour | Aug 18, 2021 11:58:56 AM
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Posted by: m | Aug 19, 2021 8:17:18 AM
At the end of the day, he still has the money people only can dream of.
Posted by: Eleanor Dorst | Aug 19, 2021 1:52:30 PM
600 miliion in day!!.... and he's 28 yr.old. How can the rest of us 99% wrap our minds around that. Some kids that age would still be living in their parents basement trying to pay back their student loans and this guy can buy an island in the third world. I know I am venting but, life sure isn't fair to most.
Posted by: public | Aug 19, 2021 11:18:19 PM
Life may or may not be fair.. But our system definitely isn't fair. One man should not be able to claim so much profit when it took the work of thousands to actually create Facebook. Why haven't those thousands of workers also reaped the rewards?
In the long run, how can a system last that allows only a few to reap all benefits, while most of us struggle financially?
This isn't an anti-capitalist rant. Capitalism works. It can create wealth. But if greedy owners take all wealth, it won't last.
Posted by: Mr. Negative | Aug 21, 2021 9:57:32 AM
boo hoo! I feel so bad for Mr. Zuckerburg - maybe we should start a fund to help him get through his painful loss! lol
I often wonder how one man can ever justify paying himself so much? Then i realize, that it is a dog eat dog world, and our leaders and wealthy highly promote being selfish, greedy and sensless.
Don't get me wrong - these people have also created a tonne of jobs and have created wealth for others as well - but they did not do this themselves. Heck, if they really wanted to, they could stop ripping off their customers and still make a handsom profit. If there are billions to be made in profit, then there are hundreds of millions of savings that could be past onto the customers as well.
Posted by: In Your Kraken | Aug 21, 2021 10:22:53 AM
Im gunna start my own company, LEGbook, because FACEbook is just too mainstream.
Posted by: Optimus Past My Prime | Aug 21, 2021 10:54:17 AM
He lost more money in one day of trading than the people reading this article will ever make in their lifetime combined.
Posted by: geocatloe | Aug 21, 2021 1:09:36 PM
First of all, he didn't lose a penny. The value of his shares fell and they will climb again. If you own shares and don't sell them then you have neither lost nor gained. Your net worth may fluctuate but you will never make or lose money on your shares until you decide to liquidate.