The World fifth richest man, Mark Zuckerberg, founder of Facebook, who has valued worth $71 billion (roughly N25 trillion) has reportedly lost about $14 billion (roughly N5 trillion) of his net worth.
This, as a result of 18% fall in Facebook market shares especially after Zuckerberg agreed to testify before Congress on the recent crisis rocking the social media platform, arising from Cambridge Analytica.
Facebook shares also fell by 5% on Tuesday only after the Facebook founder made the confirmation of appearing before Congress.
The 18% fall in Facebook’s stock has wiped out nearly $80 billion (roughly N28 trillion) from the social networking giant’s market value in the period of the still raging crisis that started March 16.
According to reports, Tech stocks, in general, have taken a hit since the Facebook debacle started with Nasdaq down by 6%.
YouTube, Google, and Twitter owners have both nosedived as well. Shares of Google parent Alphabet fell by 7% since March 16 while Twitter has plunged 20%. Twitter was down by 12% alone on Tuesday.
According to Craig Birk, the executive vice president of portfolio management at investing firm Personal Capital in a note Tuesday said, “While the scandal is likely to blow over, investors should be aware that a continued sell-off in this sector would not be surprising, and if another scandal were to hit, it just might break the tech sector’s back”.
Meanwhile, Zuckerberg is still worth $61 billion (roughly N21 trillion).