Mark Zuckerberg must be a having a really bad headache right now. According to recent reports, the Facebook CEO has lost over $15 billion in a single day after investors “dumped shares” because of the social media giant’s “slowing sales growth.”
According to a report by USA Today, the loss impacted Zuckerberg seriously that he dropped from #4 to #6 of Forbes’ world billionaire’s list. While a net worth of $67.1 billion still isn’t so bad, Zuckerberg is now officially out of the top 5.
Mark Zuckerberg dropped from #4 to #6 of the world’s billionaires list.
The site further tells us that Facebook shares “plunged 19 percent Thursday to $176.26 as the company shed about $100 billion in market value.” It was not only the social networking site’s biggest stock drop ever but also the largest stock market wipeout for a US company, reported Bloomberg.
Facebook shares dropped from $41.24 to $176.26 after failing to meet Wall Street estimates for user growth and quarterly revenue.
As if that was not enough, experts are predicting that sales growth will continue to plummet throughout the year and one of the main issues mentioned was, of course, related to user security. As everyone can remember, Facebook has been involved in various controversies such as the Cambridge Analytica scandal, among many others.
Meanwhile, Pivotal Research analyst Brian Wieser has been encouraging to sell Facebook stocks since 2017 as he claims shares will yet drop for another 20%.
In a Bloomberg interview, Wieser shared:
“What a lot of the investment community has missed, is that they looked at growth as rather infinite. This is only part of a bigger story that hasn’t fully played out yet.”
In an earlier proposal by Trillium Asset Management, shareholders said they want to fire Zuckerberg as Facebook chairman.
The company owns around $11 million in Facebook stocks and they want to break Zuckerberg’s role as both chairman and CEO.
The proposal read:
“A CEO who also serves as chair can exert excessive influence on the board and its agenda, weakening the board’s oversight of management.
“Separating the chair and CEO positions reduces this conflict, and an independent chair provides the clearest separation of power between the CEO and the rest of the board.”
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