Mark Zuckerberg's estimated fortune took a tumble after Facebook's earnings report. He's now $1.6 billion poorer.
Poor Mark Zuckerberg. He's now one of the world's run-of-the-mill billionaires and no longer on the Bloomberg Billionaires Index. But it's worse, his fortune has now dropped from $13.7 billion to $12.1 billion and Facebook stock doesn't look like it's heading upwards.
In May, we wrote about how Zuckerberg is no longer on the billionaires index of the world's Top 40 billionaires, with such names as Warren Buffet and the Koch brothers (think good vs. evil.) Larry Page and Sergey Brin, both Google founders, are still on the list, as well as Oracle's Larry Ellison, Microsoft's Bill Gates and Amazon's Jeff Bezos. No. 1 on the list is Mexico's Carlos Slim Heru, a media magnate who also dabbles in banking, retail and construction and is worth an estimated $75.1 billion.
But because Facebook shares have again dropped after its recent earnings report, Zuckerberg's fortunes have also followed suit. MarketWatch points out that Facebook is operating on a net loss of $157 million (non-GAAP) and investors should not expect rising shares. Instead, they will be further diluted.
In essence, if you bought Facebook shares, your fortunes will also be headed downward like Zuckerberg's.