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  1. As Facebook comes under fire on data leak, Mark Zuckerberg loses $6.06 billion in single day

As Facebook comes under fire on data leak, Mark Zuckerberg loses $6.06 billion in single day

On fear of stiffer regulation coming Facebook’s way after the reports erupted that it allowed improper access to user data, social media company's shares declined resulting in Mark Zuckerberg losing $6 billion of net worth on Monday.

By: | Updated: March 20, 2018 11:06 AM
Facebook, Mark Zuckerberg, Cambridge Analytica, advertising, advertising data, social media, Facebook users The shares of Facebook Inc. closed at 2.56 down by 6.77 percent on NASDAQ on Monday.

On fear of stiffer regulation coming Facebook’s way after the reports erupted that it allowed improper access to user data, social media company’s shares declined resulting in Mark Zuckerberg losing $6 billion of net worth on Monday. The shares of the social media giant tumbled 6.8 percent on Wall Street resulting in the company founder Mark Zuckerberg losing $6.06 billion losses in a single day. It is the biggest single-day decline that company witnessed in the four years, Reuters reported. The Facebook stocks came under hammer after the US and the UK media reported that the user data of over 50 million users were inappropriately used by a British data analysis company – Cambridge Analytica – in activities allegedly related with the US President Donald Trump during his 2016 campaign, Reuters reported.

The shares of Facebook Inc. closed at $172.56 down by 6.77 percent on Monday. Google’s parent company, Alphabet also lost nearly 3 percent and Microsoft fell by nearly 2 percent.

Calls for investigation

Meanwhile, Facebook responded to the calls of probe by suspending the account of Cambridge Analytica, a British communications company that was hired by Donald Trump’s 2016 campaign, AFP reported.

Still fourth richest

Mark Zuckerberg is still the fourth richest only behind Jeff Bezos, Bill Gates and Warren Buffet, according to Bloomberg. Mark Zuckerberg is an internet entrepreneur who at present operates Facebook’s chairman and chief executive officer. His net assets are estimated to be $69.6 billion currently, according to Forbes.

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  1. J. Mohsin
    Mar 21, 2018 at 3:28 pm
    Well, now the founder, Brian Acton tweeted with # facebook, he's going to lose another billion :P
    Reply

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