CAPE TOWN - Founder and CEO of Facebook, Mark Zuckerberg has lost R40.8 billion of his fortune.
This comes after Zuckerberg’s announced his decision to change the way Facebook manages people’s newsfeed.
Zuckerberg said in a public statement that Facebook was created with the premise to connect family and friends. However, branding from businesses and media has crowded out personal moments on the platform.
“I'm changing the goal I give our product teams from focusing on helping you find relevant content to helping you have more meaningful social interactions”, said Zuckerberg.
However, his decision cost him R40.8 billion, reportedly dropping his personal net worth by 4.4%.
The website’s share value dropped by nearly 4% after Facebook went public with the news feed change.
By close of business the following day, Facebook shares were trading at R2 217.86, down more than 4.4% on the previous day’s price of R2 321.72.
However, the self-made billionaire still owns 17% of the social networking company.
Zuckerberg is also still a very wealthy man, who boasts a firm fortune of R894.1 billion.
The social networking magnate also holds stakes in several companies including messaging app, WhatsApp which Zuckerberg acquired for R234.3 billion.
These additional acquisitions will surely keep Zuckerberg and his billions afloat.
- BUSINESS REPORT ONLINE