Mark Zuckerberg, the co-founder and CEO of Facebook, loses nearly USD 7 billion if his personal wealth in a few hours that knocked him down a mark on the list of the world’s richest people.
This loss happened when a whistleblower came forward and outages took flagship products of Facebook offline.
A selloff sent the sociasocial-networking giant’s stock dropping around 5 percent on Monday, adding to a drop of about 15 percent since middle of September.
The drop of stock on Monday sent Zuckerberg’s worth down to USD 120.9 billion. He fell down below Bill Gates to position 5 on the Bloomberg Billionaires Index.
As per to billionaires index, Zuckerberg’s has lost nearly USD 19 billion of wealth since September 13 when his net worth nearly USD 140 billion.
The Wall Street Journal on September 13 started publishing a series of stories based on an amassment of internal documents which reveals that Facebook knew about a wide range of problems with its products.
The problems included the photo sharing application, Instagram’s harm to teenage girls’ mental health and also misinformation about the January 6 Capitol riots.
The storiea has bring in the attention of government officials as well as the whistleblower revealed herself on a televised show on Monday.
Facebook Inc in a response has point up that the problems facing its products, including political polarisation are complex and are not created by technology alone.
The vice president of global affairs of Facebook, Nick Clegg told CNN, “I think it gives people comfort to assume that there must be a technological or a technical explanation for the issues of political polarization in the United States.”