Reuters
- Mark Zuckerberg’s net worth fell nearly $9 billion to $62.3 billion following a year of Facebook scandals, according to Forbes.
- Zuckerberg’s personal wealth is closely linked to Facebook’s fortunes because he owns nearly 17% of the company’s stock.
- The Facebook founder also lost his crown as the youngest-ever self-made billionaire to Kylie Jenner.
Mark Zuckerberg is out of pocket by nearly $9 billion on last year following a disastrous 12 months for Facebook.
According to Forbes’ 2019 billionaire’s list, Zuckerberg’s net worth stands at $62.3 billion, down from $71 billion at the same time last year. He dropped three places down Forbes’ ranking to 8th place.
Just days after Forbes published its list in 2018, The Observer and The New York Times published revelations about the Cambridge Analytica data breach.
It proved to be the catalyst for a string of scandals for Facebook, encompassing issues including election interference on its platform, harmful content, and crisis mismanagement.
Read more: Facebook commissioned a study that shows people don’t trust the internet
The issues took their toll on Facebook’s stock price, which fell by more than $50 over the course of the year, starting 2018 at $186.85 and ending on December 31 at $131.09. Facebook has since rallied to $171.26 in 2019.
Zuckerberg’s personal wealth is closely linked to Facebook’s fortunes because he owns nearly 17% of the company’s stock, according to Forbes.
The Facebook founder also lost his crown as the youngest-ever self-made billionaire to Kylie Jenner, Forbes said. Zuckerberg was 23 when he made his first $1 billion, while Jenner is just 21.
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See Also:
- Here’s where the world’s most influential tech CEOs went to college — and what they studied
- Facebook and Google will be punished with giant fines in the UK if they fail to rid their platforms of toxic content
- Apple cofounder Steve Wozniak: Jack Dorsey is doing a better job of fighting tech scandals than Mark Zuckerberg
SEE ALSO: Kylie Jenner has officially become the youngest self-made billionaire ever
Source: Business Insider – feedback@businessinsider.com (Jake Kanter)