Zuckerberg Falls Off Billionaires Index As Facebook Plummets

Facebook founder and CEO Mark Zuckerberg JUSTIN SULLIVAN/GETTY IMAGES

The Facebook Inc co-founder and CEO, Mark Zuckerberg is no longer one of the world’s 40 richest people  according to the Bloomberg Billionaires Index. The 28-year-old’s Billionaire’s fortune fell to $14.7 billion on Tuesday from $16.2 billion on May 25, about $5billion loss since Facebook started trading on May 18

It will be recalled that Facebook shares has been floundering since the popular social-networking company went public, Facebook stock has dropped 9.6 percent to $28.84 according to Bloomberg making it the worst- performing large initial public offering in the past decade.
According to Jack Ablin, chief investment officer of BMO Harris Private Bank in Chicago:
“It seems to be a clear reflection that there was just too much stock issued, that the valuation was aggressive and that a lot of people who lined up to buy it really had no intention of holding it,” BMO Harris Private Bank oversees about $60 billion of assets.
Wall Street analysts still believe that Facebook’s stock price will still continue to slide before it can stabilize — this implies that the self made billionaire’s personal fortune could diminish further.

How low will Zuckerberg's fortune go? Justin Sullivan/Getty Images

No. 1 on the list still remains the Mexican telecom czar Carlos Slim Helu, (net worth $67.9 billion), No.2 on the list is Microsoft Co-Founder Bill Gates ($60.5 billion) and Berkshire Hathaway CEO Warren Buffet ($44.7 billion).
Colombian businessman Luis Carlos Sarmiento surpassed Zuckerberg to make the Bloombergindex, a list that is updated daily. Luis is worth $15.5 billion
[Via Bloomberg]