Mark Zuckerberg's net worth has plunged by $11 billion in the wake of the Cambridge Analytica scandal

  • Facebook Founder and CEO Mark Zuckerberg will testify before Congress Tuesday and Wednesday over the Cambridge Analytica data scandal.
  • Facebook shares have plummeted since the scandal broke.
  • Zuckerberg’s net worth has fallen off considerably.
  • Watch Facebook shares in real time.

Facebook founder and CEO Mark Zuckerberg will testify before Congress Tuesday and Wednesday about user data privacy concerns raised by the Cambridge Analytica scandal.

The scandal sent Facebook shares spiraling. They settled at $US185.09 on March 18, the trading day before the scandal broke, and have fallen 13% to just more than $US160 a share. About $US70 billion in market cap has been wiped out in the wake of the scandal.

As a result, Zuckerberg’s net worth has taken a big hit. On March 18, Zuckerberg had a net worth $US75.3 billion, according to the Bloomberg Billionaires Index. That was down to $US64.3 billion at Monday’s close, Bloomberg data showed, making him the seventh richest person in the world.

To be fair, the decrease in the billionaire’s net worth is only on paper. Zuckerberg would have to sell his shares in order to realise their value.

Facebook is up 1.58% Tuesday, but down more than 11% this year.

Screen Shot 2018 04 10 at 10.31.21 AMMarkets Insider

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.