Saturday, Oct 20, 2018 | Last Update : 09:36 PM IST
Co-founder, chairman and CEO of Facebook’s personal net worth dropped by whopping 4.4 per cent.
It seems that Mark Zuckerberg’s decision to change the way Facebook operates people’s news feeds did not go down to well for him. The move has cost him $3.3bn, with his personal net worth dropping by 4.4 per cent, it is believed.
After Facebook went public with the news feed change on Thursday, the website’s share value dropped by nearly four per cent before US markets opened on Friday.
By close of business on Friday Facebook shares were trading at $179.37, down more than 4.4 per cent on Thursday’s price of $187.77.
Forbes has calculated that for Mr Zuckerberg, the co-founder, chairman and CEO of Facebook, this translated into a personal hit of 3.3bn – a 4.4 per cent fall in his personal fortune.
Zuckerberg, 33, who started Facebook in 2004 aged 19, still owns a 17 per stake in the company, which went public in 2012.
He explained his reasons for changing the news feed algorithm in a Facebook post on Thursday, saying he wanted the website to prioritise posts from friends and family over businesses and brands.