Facebook is a social utility that connects people with friends and others who work, study and live around them.
Mark Zuckerberg Loses His Spot On The Top 40 Richest People List
Zuckerberg must feel now like he’s reliving the entire dotcom bust of the 90s. And to add insult to injury his fortune is falling faster than a skydiver leaving the top of the Empire State.
Reports are that Zuckerberg is no longer among the 40 richest people as compiled by Bloomberg. Of course being booted from the list of the 40 richest people in the world isn’t the worst thing that can happen to Mark Zuckerberg; the guy after all is still ‘filthy’ by most standards.
But the departure from the list is spectacular and won’t be entirely comforting for the 28 year old who got on the list thanks to his $19 billion climb via Facebook’s IPO. Since that fateful day the stock has nosedived and presently one can pick up a share in Facebook for around $28.
The promise of glory offered by Facebook’s IPO hasn’t materialized and many who got burned (if you can call it that) are now either dumping shares or suing the company. Things can get worse too, and many are predicting that Facebook’s share price will dip below the $20 mark eventually. Unless Zuckerberg and co can show investors how it’s going to make money from its over 900 million active users, its toast—at least as a public company.
Perhaps it will come down to the decision to take the company private again. It’s a long shot but remember you saw the suggestion first, right here at SiteTrail.