The fortune of Mark Zuckerberg, Facebook's
co-founder and CEO, dropped to a new low yesterday.
The 28-year-old's net worth fell to $10.2 billion, its
lowest point since the company's May 17th initial public offering, according to
the Bloomberg Billionaires Index. Facebook shares sank 6.3 percent today after
the company freed up 271.1 million shares, a move that boosted the amount of
stock available to trade by 60 percent. The shares closed at $19.87 in New York
after dipping to a record low of $19.69 earlier in the day.
"The market is not convinced of Facebook's
future," David Kirkpatrick, author of "The Facebook Effect," a
history of the company, said in a telephone interview, adding that Zuckerberg
probably isn't worried about the sagging value of his own shares. "He
thinks of it only in terms of how it affects the company's strategic and
tactical opportunities."
While Zuckerberg's fortune swooned, the 40 richest people in
the world added $1.9 billion to their collective net worth, as the Standard
& Poor's 500 Index closed at its highest point since April.
Read all about it at http://finance.yahoo.com/news/zuckerberg-fortune-drops-600-million-211903540.html
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