Social media giant Facebook has faced a lot of criticism in the past, with regards to its failure to safeguard private details and its content policies. And much to CEO Mark Zuckerberg’s misfortune, the company’s stock recently took a beating as its shares dropped down to 20 per cent in post-market trading in New York. The total loss due to this drop amounts to $16.8 billion. Yes, that’s the amount Zuckerberg lost in a day!
If the results remain close to the same, the social media giant is expected to slide to the sixth place from third on the Bloomberg Billionaires Index. It would also result in wiping out of Zuckerberg’s $13.7 gains for the year, leaving him with less than $70 billion.
The news turned out to be equally shocking for some of the analysts who have been trying to seek more information on exactly how the company’s financial structure changed so drastically.
“I think many investors are having a hard time reconciling that deceleration. It just seems like the magnitude is beyond anything we’ve seen, especially across a number of the tech (companies) we cover,” Brent Thill, an analyst at Jefferies LLC, told Facebook executives.