Zuckerberg's Change of Heart Cost Facebook CEO $3.3 Billion
Facebook’s shares fell after Zuckerberg posted plans to shift users’ feeds toward content from family and friends
(Bloomberg) -- Mark Zuckerberg’s latest Facebook post is proving expensive.
The co-founder of the world’s largest social-media business saw his fortune fall $3.3 billion Friday after he posted plans to shift users’ news feeds toward content from family and friends at the expense of material from media outlets and businesses.
Shares of Menlo Park, California-based Facebook tumbled 4.5 percent on Friday in New York, cutting Zuckerberg’s fortune to $74 billion on the Bloomberg Billionaires Index. He lost his place as the world’s fourth-richest person to Spanish retail billionaire Amancio Ortega.
The drop wiped out much of the $4.5 billion Zuckerberg, 33, had added this year through Thursday. The world’s 500 richest people gained $1 trillion in 2017 and an additional $192 billion in the first two weeks of 2018, according to the Bloomberg index.
To contact the reporter on this story: Tom Metcalf in New York at tmetcalf7@bloomberg.net.
To contact the editors responsible for this story: Robert LaFranco at rlafranco@bloomberg.net, Peter Eichenbaum
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