Mark Zuckerberg’s Fortune Drops $3.7 Billion In 2 Hours, Despite Facebook’s Strong Third Quarter
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.
Zuckerberg’s fortune fell to $50.6 billion as of 6 p.m. Eastern time, according to FORBES estimates. He’s still the fifth-richest person in the world, according to FORBES, right behind Warren Buffett at number 4 and ahead of Mexican billionaire Carlos Slim Helu at number 6. When markets closed on Wednesday, Zuckerberg’s net worth was $54.4 billion.
This year’s previous two earnings reports were a boon for Zuckerberg’s pocketbook. After the company announced second-quarter results in July, a stock surge added $3.4 billion to his net worth in the hour after markets closed. In April, when first-quarter results were announced, he gained $4.2 billion within two-and-a-half hours after markets closed.