- Facebook CEO, Mark Zuckerberg, lost $16.8 billion in two hours on Wednesday, July 25
- The money Zuckerberg lost was more than Aliko Dangote's net worth
- According to Forbes, Dangote is worth $12.5 billion as of July 30, 2018
Facebook CEO, Mark Zuckerberg, lost $16.8 billion in two hours in late trading on Wednesday, July 25, as shares of the social media giant slid 20% in post-marketing trading in New York on disappointing result.
According to the Economic Times, Facebook on Wednesday, July 25, reported second-quarter sales and user growth that fell short of analysts’ projections.
Legit.ng gathers that the social media company has contended for years with criticism about its content policies, its failure to safeguard private data and its changing rules for advertisers.
According to Forbes, prior to Facebook’s second-quarter results, Zuckerberg had a net worth of $77.6 billion. After the stock selloff, Zuckerberg’s net worth fell to roughly $68.9 billion, making him worth less than Berkshire Hathaway CEO, Warren Buffett.
The chief financial officer of Facebook, David Wehner, said sales growth is likely to decline in the next two quarters as it prioritises new formats such as stories (a popular feature on Instagram) and continues to invest in privacy.
He said: “We plan to grow and promote certain engaging experiences like Stories that currently have lower levels of monetization, and we are also giving people who use our services more choices around data privacy, which may have an impact on our revenue growth."
As of July 30, 2018, Africa's richest man, Aliko Dangote, is worth $12.5 billion. Meaning that what Zuckerberg lost in two hours was more than Dangote's net worth
PAY ATTENTION: Install our latest app for Android, read best news on Nigeria’s #1 news app
Meanwhile, Legit.ng previously reported that Facebook Inc chief executive, Mark Zuckerberg, told Congress on Monday, April 10, that the social media network should have done more to prevent itself and its members’ data being misused and offered a broad apology to lawmakers.
His conciliatory tone preceded two days of Congressional hearings where Zuckerberg was set to answer questions about Facebook user data being improperly appropriated by a political consultancy and the role the network played in the US 2016 election.
What is working well and what needs improvement in Nigeria? - on Legit.ng TV