Business Technology

Friday 19 October 2018

Facebook chief takes $9bn hit as share price falls

Mark Zuckerberg.
Mark Zuckerberg.
Independent.ie Business Desk

Mark Zuckerberg, Facebook chief executive, took a $9bn (€7.35bn) hit on his shares in the company this week, as shares in the social media giant plummeted in the walk of the Cambridge Analytica story.

Mr Zuckerberg’s net wealth now stands at $66bn (€54bn), down from $75bn (€61bn) last weekend, according to the Bloomberg Billionaires Index, with shares in the company dropping heavily for a second day.

Despite the fall in share price, Mr Zuckerberg’s wealth still ranks him as the (estimated) seventh richest man in the world.

Facebook is coming under increasing pressure since it suspended Cambridge Analytica – a data firm linked to Donald Trump's presidential campaign – last Friday.

The firm has been suspended amid allegations that it harvested personal details from more than 50 million Facebook users.

Cambridge Analytica is alleged to have been passed personal data from Facebook apps without the consent of the individuals.

Since the scandal became known, Mr Zuckerberg, who owns 400 million shares in Facebook, has seen their value fall overall by 12pc, with the company losing more than €40bn.

In Britain, MPs have requested that Mr Zuckerberg appear at a Westminster committee to face questions about the scandal.

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