Date:27/07/18
The massive drop in Facebook’s stock is shaking things up -- not just for investors and market watchers, but in rankings of the world’s richest people.
Facebook lost about $120 billion in market capitalization on Thursday after its latest quarterly earnings report showed the social media giant missed expectations on revenue and is experiencing slowing user and revenue growth.
Facebook stock sank 19% on Thursday, knocking Facebook CEO Mark Zuckerberg’s fortune down by about $15.9 billion, according to the Bloomberg Billionaire’s Index.
Related: How Facebook’s $120 billion loss ranks among the biggest one-day stock disasters
Not only did he lose a massive amount of wealth, but he also lost his title on the podium of richest people in the world. Zuckerberg dropped from No. 3 to No. 6 richest person, putting him behind someone many Americans may not know much about: Amancio Ortega.
Textile mogul Ortega founded fast-fashion giant Zara with his then-wife Rosalia in the 1970s, and retail company, Inditex SA has since grown to include Zara, Massimo Dutti, and Pull&Bear. Ortega is often described as being incredibly private, and he rarely gives media interviews, one reason why many Americans may not know much about him.
He has been described as having frugal, down-to-earth habits, given his enormous wealth. Ortega has been said to mostly reside in a discreet apartment in Spain, is known to eat lunch with co-workers in the Zara cafeteria, and -- much like Zuckerberg -- wears a simple uniform. No zip-up hoodie for Ortega, though: he typically sports a blue blazer, white shirt, and gray trousers.
Zuckerberg is also set to drop behind CEO of Berkshire Hathaway Warren Buffett and chief executive officer of LVMH Bernard Arnault on the rich list.
The current No. 1 and 2 spots are held by Amazon CEO Jeff Bezos and Microsoft founder Bill Gates.
To keep all of this in perspective, though, Zuckerberg’s net worth was previously estimated at about $86.5 billion, and the share price drop now puts him at a net worth of $70.6 billion. And, year to date, he is only down by about $2.2 billion.
Facebook’s plunge drops Zuckerberg down the billionaire ranks
The massive drop in Facebook’s stock is shaking things up -- not just for investors and market watchers, but in rankings of the world’s richest people.Facebook lost about $120 billion in market capitalization on Thursday after its latest quarterly earnings report showed the social media giant missed expectations on revenue and is experiencing slowing user and revenue growth.
Facebook stock sank 19% on Thursday, knocking Facebook CEO Mark Zuckerberg’s fortune down by about $15.9 billion, according to the Bloomberg Billionaire’s Index.
Related: How Facebook’s $120 billion loss ranks among the biggest one-day stock disasters
Not only did he lose a massive amount of wealth, but he also lost his title on the podium of richest people in the world. Zuckerberg dropped from No. 3 to No. 6 richest person, putting him behind someone many Americans may not know much about: Amancio Ortega.
Textile mogul Ortega founded fast-fashion giant Zara with his then-wife Rosalia in the 1970s, and retail company, Inditex SA has since grown to include Zara, Massimo Dutti, and Pull&Bear. Ortega is often described as being incredibly private, and he rarely gives media interviews, one reason why many Americans may not know much about him.
He has been described as having frugal, down-to-earth habits, given his enormous wealth. Ortega has been said to mostly reside in a discreet apartment in Spain, is known to eat lunch with co-workers in the Zara cafeteria, and -- much like Zuckerberg -- wears a simple uniform. No zip-up hoodie for Ortega, though: he typically sports a blue blazer, white shirt, and gray trousers.
Zuckerberg is also set to drop behind CEO of Berkshire Hathaway Warren Buffett and chief executive officer of LVMH Bernard Arnault on the rich list.
The current No. 1 and 2 spots are held by Amazon CEO Jeff Bezos and Microsoft founder Bill Gates.
To keep all of this in perspective, though, Zuckerberg’s net worth was previously estimated at about $86.5 billion, and the share price drop now puts him at a net worth of $70.6 billion. And, year to date, he is only down by about $2.2 billion.
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