It took JPMorgan Chase months to lose about $2 billion. Facebook's Mark Zuckerberg -- always a go-getter -- did it in less than two weeks.
The Big Z's personal wealth has taken such a big a hit that he's been knocked off the Bloomberg Billionaires Index, which ranks the top 40 super-rich folk in the world.
Since Facebook went public on May 18, Zuckerberg's paper wealth has dropped to $14.7 billion from $16.2 billion as the company's stock has plunged.
That means his personal cash stash is now $800 million below the last person on the list, Colombian banker Luis Carlos Sarmiento.
Trading at $29 a share, Facebook’s price-to-earnings ratio is still relatively high. According to Bloomberg, the stock price would have to drop to $23.07 to have the same average p/e ratio as other tech companies on the Nasdaq index.
On the other hand, Zuckerberg could still have a lot of fun with $14 billion. One thought: Ailing Japanese electronics maker Sony now has a market value of about $13 billion. Zuckerberg could buy the company and relaunch the Walkman as a Facebook-friendly Z-Man.
And he'd still have a billion left over for, you know, incidental expenses.Copyright © 2014, Los Angeles Times