Facebook chief falls out of top 40 rich list

Comment on this story


IOL pic may21 facebook zuckerberg married

Associated Press

This photograph, provided by Facebook, shows Facebook CEO Mark Zuckerberg and Priscilla Chan at their wedding in Palo Alto, California. Zuckerberg updated his status to "married" on Saturday after the ceremony in front of fewer than 100 guests, who all thought they were there to celebrate Chan's graduation.

New York - He is enjoying a dream honeymoon with his bride.

But when it comes to his finances, Mark Zuckerberg suffered something of a nightmare on Wednesday.

First the Facebook founder was told he has plunged down the richest people in the world league following the social networking site’s bungled stock market floatation.

And just hours later the 28-year-old was left cashless after apparently becoming bewildered by how to work an Italian ATM.

After several tries, he and his new wife, Priscilla Chan, 27, were eventually forced to try their luck at another cashpoint.

Since Facebook was floated on the stock market on May 18, Zuckerberg has seen £3.2 billion wiped off his personal fortune, taking it to £9.4 billion.

He is behind Colombian investor Luis Carlos Sarmiento, who is the 40th richest person in the world with £9.9 billion, according to Bloomberg Billionaires Index.

At one point Zuckerberg, who dropped out of Harvard to set up Facebook, was ranked the 22nd richest person, making him wealthier than investor George Soros.

The decline in his fortune has been mirrored across the company. Facebook shares now cost less than those for the Campbell’s Soup Company as problems with its stock market floatation continue.

The site was trading at £18 (about R230) a share on Wednesday, having initially been offered at £24 – below the £20 cost of stock in Campbell’s.

Facebook is also trading at almost half the £34 it takes to buy a single share in the American company which makes Tupperware. The site became the biggest internet stock market floatation in history when it launched to huge fanfare earlier this month.

But even on the opening day underwriters Morgan Stanley had to step in to prop up the share price amid technical difficulties on the Nasdaq stock exchange.

Analysts have also warned that the shares could fall even further.

Despite the news, Zuckerberg and Miss Chan appeared relaxed and happy yesterday as they walked around the holiday island of Capri, near Naples.

Even his failure to withdraw money from a Campania bank machine did not appear to dent his good mood.

An onlooker said: “They were standing by the ATM and realised it was not working – or at least he didn’t appear to be able to get any money from it.

“There was a woman wearing a hat standing nearby who explained it to them, and they just smiled and walked off back towards town.”

The couple were casually dressed for their sightseeing trip, with Zuckerberg wearing a long-sleeved dark top and shorts, while Miss Chan chose a baggy yellow jumper, long blue skirt and chunky trainers.

Facebook was founded in 2004 and now has more than 900million users around the world. It made £2.3 billion last year, an almost 25-fold increase in just four years. - Daily Mail

Hungry for more scitech news? Sign up for our daily newsletter


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks