Photo: Getty Images/Kevork Djansezian
Facebook’s stock has continued to slide down toward $20 from its IPO price of $38, which is putting a minor dent in CEO Mark Zuckerberg’s wealth.Yesterday’s stock drop cost Zuckerberg $423 million, Bloomberg reports.
This means he is no longer one of the richest 10 people in technology in the world, Bloomberg reports.
He is still worth $10.2 billion, according to Bloomberg. It’s going to take a massive decline in Facebook’s stock value to really hurt him.
Mark Zuckerberg owns about 504 million shares of Facebook, including options, so for every cent Facebook’s stock price drops, he loses millions of dollars.
He’s not the only one, either. Pretty much all of Facebook’s insiders are feeling pressure, though a lot of them were able to sell shares early on in the IPO process.