Zuckerberg Abandons Top 40 Richest People List
By on June 2nd, 2012

Zuckerberg Abandons Top 40 Richest People List

The news of Facebook going public was thought to bring along heavy cash and plenty of fortune for the company and its founder, Mark Zuckerberg. It turns out that Zuckerberg has undergone an experience that has shaped into something altogether different. With over 900 million users, the company founded by Zuckerberg in 2004 got registered on the Nasdaq Stock Exchange on May 18, 2012. The initial value of its share was traded at $38. As days passed, the value of Facebook shares started to take a downturn. For example, last Wednesday, May 30, 2012, Facebook’s share was being traded at $28.

The plummeting of the company’s share saw a negative impact on Zuckerberg’s fortune. On May 18, 2012, Zuckerberg accumulated approximately $19 billion just before Facebook knocked on Nasdaq’s doors. In contrast, 12 days later, on May 30, 2012, Zuckerberg’s fortune plummeted to approximately $12 billion. This consolidates the fact that Zuckerberg does not remain amongst the list of the top 40 richest people on the planet, reports Bloomberg.

Trade analysts assume that the share value of Facebook is likely to descend further as investors are starting to get worried about how much money Facebook can generate in spite of its tremendous user base and its switch to the mobile platform, an area where it has not performed well in terms of revenue generation as it would have liked.

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Author: Sarmad Saleem

Sarmad Saleem has written and can be contacted at sarmad@techie-buzz.com.
 
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