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
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
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.
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.ng
