Facebook's $1trillion Valuation Shortlived as Mark Zuckerberg Loses N534.95billion

Facebook's $1trillion Valuation Shortlived as Mark Zuckerberg Loses N534.95billion

  • The wealth of Facebook founder, Mark Zuckerberg, dwindled on Tuesday after N534.95 billion was wiped out of his fortune
  • Facebook market capitalisation also fell to $997.77 billion after the social media firm's valuation hit the one trillion-dollar mark on Tuesday
  • Zuckerberg and Facebook both suffered losses following gains that were attracted by a court victory that ruled in favour of the founder

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Mark Zuckerberg's wealth dwindles after the value of Facebook hit $1 trillion on Tuesday. The billionaire's fortune dropped by 1.04% at the end of the business period.

Over N534.95 billion was wiped off his wealth which Forbes' billionaire tracker estimated to be $126.7 billion. The decline comes as Facebook's share value depreciated by 1.05%.

Depreciation of Facebook's stock value cost Zuckerberg the money

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The stock price had opened at $356.27, and sold as low as $349.05, and as high as $356.74, before settling at $351.89 per share, lower than the previous day closing of $355.64.

Mark Zuckerberg loses N534.95billion ad Facebook market valuation drops to billion-dollar
Facebook logo and its founder, Mark Zuckerberg, Photo: Rafael Henrique/SOPA Images (R) and Kenzo TRIBOUILLARD/AFP (L)
Source: Getty Images

This crashed the one trillion-dollar market value of Facebook to $997.77 billion at the end of trading. Despite the fall, the social media firm remains the fifth American firm to hit $1 trillion.

Apple, Microsoft, Amazon, and Alphabet have all achieved this milestone, and one thing they have in common is that they are all tech-focused companies.

Facebook's market valuation had made it to the one trillion-dollar mark after receiving a favourite judgement on the antitrust lawsuit that threatened to loosen Zuckerberg's grip on Instagram and WhatsApp.

Meanwhile, Legit.ng had previously reported that Zuckerberg's social media platform, Facebook, has created Sabee, a digital learning app for Nigerians.

The edutech app is called Sabee, which means "Know" in Nigeria. The learning platform was put on the Playstore for a short while by the company.

Sabee is the first product created by Facebook for Nigerian tutors and learners. It will cater to 50 million students when it finally debuts.

Source: Legit

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