Mark Zuckerberg loses $16.8 billion in a snap as Facebook plunges

Facebook's fortunes shifted in under two hours as the company first reported revenue and user growth that missed expectations and then issued warnings about future growth and expenses. 

By: Bloomberg | Published: July 26, 2018 7:26:20 am

facebook, facebook shares drop, facebook stocks falls, Mark Zuckerberg, Facebook Inc, faceboo revenue, technology news, Indian express news It would also wipe his .7 billion of gains for the year, leaving Zuckerberg with just less than billion.

Mark Zuckerberg is counting the cost of user disenchantment with Facebook Inc. His fortune tumbled by $16.8 billion in late trading Wednesday, as shares of the social media giant slid 20 per cent at 5:37 p.m. in New York on disappointing results. If that holds through Thursday’s close, he will slide to sixth place from third on the Bloomberg Billionaires Index. It would also wipe his $13.7 billion of gains for the year, leaving him with just less than $70 billion.

Second-quarter revenue and average daily visitors fell short of analysts’ estimates, according to a statement from the Menlo Park, California-based company. Revenue increased 42 per cent to $13.2 billion, missing the $13.3 billion Wall Street consensus. The company is grappling with new data laws in Europe, criticism over its content policies and privacy issues.

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