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Facebook stock plunges as Zuckerberg drops position in forbes

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Facebook CEO Mark Zuckerberg has dropped four positions in the Forbes list in just two hours.

Zuckerberg dropped from position four to position eight after hours of trading losing about $20 billion.Zuckerberg whose wealth was estimated to be $82.4 billion has now dropped to $63.6 billion in the wake of Wednesday.

The he drop has been attributed to Facebook drop in shares failing to meet quarterly revenue and user growth.

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Facebook shares dropped by 16 percent. Facebook management attribute the drop in shares was due to drop in users in the second quarter of the year. Monthly active users stood at 2.23 million less of analyst estimate of 2.25 million users.

Also read:ERC release new fuel prices as petrol goes up

Facebook Chief Finance Officer David Wehner attributed the loss to the recent privacy claims that saw Mark Zukerberg answer for it. Mr. David said that even though it had no major impact then but it was meant to cause a drop in users as many users advised others to leave Facebook.

income from adverts rose in the second quarter by 42 percent to stand at $13.06 billion but the cost to improve security rose by 50 percent to stand at $7.37 billion. Despite the rise in rise to $ 13.23 billion, Wall Street estimated total revenue of $13.36 billion.

Mark has however assured Facebook investors of its growth both in its platform and other properties such as Instagram, Whats App and messenger.

Slavian Mwangecho
Passionate blogger on a day to day activities happening in Kenya, Africa and around the world. A keen follower of the latest news making headlines around the world

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