American technology entrepreneur and chief executive officer of Facebook, Mark Zuckerberg allegedly lost over $ 17.6 billion on Thursday 26, June as Facebook’s stock cratered on a disappointing earnings report.
The 34-year-old Facebook billionaire, who had been worth as much as $86.5bn when Facebook stock traded at an all-time high earlier in the day, now has a net worth of about $68.9bn, based on regulatory filings with the U.S. Securities and Exchange Commission.
At least 16 brokerages cut their price targets on Facebook after Chief Financial Officer, David Wehner, startled an otherwise routine call with analysts by saying the company faced a multi-year squeeze on its business margins, Reuters reported.
Shares fell as much as 19.6 per cent to $174.78, a decline that if sustained would wipe about $12bn off the company’s value – or nearly four times the entire market capitalization of Twitter Inc.Bill
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