Facebook stock drop fallout: Zuckerberg off top 40 richest list
This post has been corrected. See note below.
Well, that didn’t take long.
Less than two weeks after Bloomberg’s Billionaire Index declared Mark Zuckerberg the 29th richest person on Earth, the Facebook founder has fallen off the list entirely.
Bloomberg’s index measures only the wealth of the top 40 richest people in the world, and as of now, Zuckerberg is $800,000 behind the current No. 40 on the list -- Luis Carlos Sarmiento, a septuagenarian who controls more than a quarter of Colombia’s financial industry.
Of course, no one is suggesting you feel bad for the 28-year-old newlywed -- as of Tuesday his estimated net worth was still a whopping $14.7 billion, according to Bloomberg. But on the other hand, the guy did lose $4.7 billion in just 11 days -- at least on paper.
(Could this be why he skimped on tipping a waiter in Rome?)
Zuckerberg’s net worth reached a peak of $19.4 billion on May 18, the first day of the Facebook IPO, when shares of the company closed at $38.23.
By Tuesday, Facebook shares had dropped to just $28.84 a share, and Zuckerberg’s fortune was down to $14.7 billion.
Zuckerberg did unload 30.2 million shares at $37.58 a piece on the first day of the IPO, bringing him a cool $1.1 billion, but he was planning to use most of it to cover taxes, according to a document filed with the Securities and Exchange Commission.
He still owns 503.6 million shares of the company.
[For the record, May 30, 2:50 p.m.: An earlier version of this post misspelled Colombia.]
The view from Sacramento
Sign up for the California Politics newsletter to get exclusive analysis from our reporters.
You may occasionally receive promotional content from the Los Angeles Times.