In 2 Hours Facebook CEO Zuckerberg Drops $3.7 billion

In 2 Hours Facebook CEO Zuckerberg Drops $3.7 billion

Facebook and Zuckerberg’s net worth goes down to $50.6 billion as of Wednesday, 6 p.m. Eastern time, according to FORBES report.

Though, Mark Zuckerberg is still the 5th richest person in the world, right behind Warren Buffett at number 4 and ahead of Mexican billionaire Carlos Slim Helu in number 6. When markets closed on Wednesday, Zuckerberg’s net worth was $54.4 billion.

As in previous quarters, mobile advertising sales fueled the company’s strong performance. About 84% of the company’s advertising revenues came from mobile, up from 78% during the same period last year. Facebook has also continued to attract new users, despite competition from rivals like Snapchat. Facebook reached 1.79 billion monthly users this quarter, up 16% from a year ago, with the vast majority logging on through mobile devices.

Report monitored from Forbes says Facebook CEO Mark Zuckerberg shed $3.7 billion from his net worth in the two hours after the market closed on Wednesday, as the company’s stock price sank despite strong third-quarter results.

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The decline came despite the company reporting $7 billion in quarterly revenues, up 56% from the same period a year earlier.

Facebook shares closed at $127.26 on Wednesday, up about 22% since the beginning of the year, but down 1.7% since Tuesday’s closing price.

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