Facebook founder and CEO Mark Zuckerberg
Mark Zuckerberg is no longer a top 40 hit.
With Facebook shares floundering since the social-networking company went public, the 28-year-old CEO dropped off the list of the world’s 40 richest people Tuesday, according to the Bloomberg Billionaires Index.
Zuckerberg’s monetary worth was pegged at $14.7 billion Tuesday, down from $16.2 billion on May 25, Bloomberg reported. In that time, the price of shares dropped 9.6% to $28.84.
“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,” Jack Ablin, chief investment officer of BMO Harris Private Bank in Chicago, told Bloomberg on Tuesday.
How low will Zuckerberg's fortune go? Justin Sullivan/Getty Images
When Facebook shares closed at $38.23 on May 18, the day the stock
debuted on the Nasdaq, Zuckerberg’s net worth totaled $19.4 billion,
Bloomberg reported.
Some Wall Street analysts believe Facebook’s stock price will continue to slide before it can stabilize — which would mean the recently married billionaire’s massive personal fortune could further diminish.
Colombian businessman Luis Carlos Sarmiento, who’s built a financial services empire worth $15.5 billion, surpassed Zuckerberg to make the Bloombergindex, which is updated daily.
No. 1 on the list was Mexican telecom czar Carlos Slim Helu, (worth $67.9 billion), who is ahead of Microsoft founder Bill Gates ($60.5 billion) and Berkshire Hathaway CEO Warren Buffet ($44.7 billion).
Zuckerberg is still pretty wealthy with a worth of more than $14 billion. Tony Avelar/Bloomberg
With Facebook shares floundering since the social-networking company went public, the 28-year-old CEO dropped off the list of the world’s 40 richest people Tuesday, according to the Bloomberg Billionaires Index.
Zuckerberg’s monetary worth was pegged at $14.7 billion Tuesday, down from $16.2 billion on May 25, Bloomberg reported. In that time, the price of shares dropped 9.6% to $28.84.
“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,” Jack Ablin, chief investment officer of BMO Harris Private Bank in Chicago, told Bloomberg on Tuesday.
How low will Zuckerberg's fortune go? Justin Sullivan/Getty Images
Some Wall Street analysts believe Facebook’s stock price will continue to slide before it can stabilize — which would mean the recently married billionaire’s massive personal fortune could further diminish.
Colombian businessman Luis Carlos Sarmiento, who’s built a financial services empire worth $15.5 billion, surpassed Zuckerberg to make the Bloombergindex, which is updated daily.
No. 1 on the list was Mexican telecom czar Carlos Slim Helu, (worth $67.9 billion), who is ahead of Microsoft founder Bill Gates ($60.5 billion) and Berkshire Hathaway CEO Warren Buffet ($44.7 billion).
Zuckerberg is still pretty wealthy with a worth of more than $14 billion. Tony Avelar/Bloomberg
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