News of Facebook’s second quarter report didn’t just hurt the company’s stock, it left a bit of a dent in Co-Founder and CEO Mark Zuckerberg’s wallet. CNET reported today that since the market closed on Wednesday, Zuckerberg is down nearly $3 billion.
In addition to that, the value of his Facebook stock (all 503,601,850 shares) declined by about $7.5 billion in the second quarter, according to Business Insider.
Don’t worry about Zuck, though. Even though he’s fallen off the list of the 40 richest people in the world, he still has about $14.3 billion in the bank. He also made about $1.1 billion sharing roughly 30 million of his shares in May. Zuckerberg also got a great deal when he refinanced his house.
Facebook’s stock does have a chance to rebound this year, as CNET explains:
As for the future, who knows. This is the stock market, after all, and past performance is no guide for future performance. Yet there are some key dates that Wall Street is worried about. Those are when the so-called lockup periods expire and more insiders can sell their shares, which doesn’t seem so far-fetched for those who got them at, say, $1 a share.
One of those dates comes on August 15, when, 90 days after the IPO, 268 million shares held by stockholders other than Zuckerberg become available for sale. But the date that causes the most concern November 13, when 1.24 billion shares will become available for sale.
Readers: Were you surprised to see just how much Zuckerberg lost this week?