Mark Zuckerberg struggles with ‘money matters’ as Facebook faces a scandalous year

The year 2018 was not a good one for Facebook and its CEO and co-founder, Mark Zuckerberg. In fact, the controversies surrounding Facebook affected not only the goodwill of the company but also left a major dent in the wealth of Mark Zuckerberg, who lost billions of dollars in net worth.

At the beginning of 2018, Zuckerberg had about $75 billion in net worth but reports by Bloomberg’s Billionaire Index signifies that he is worth about $53 billion by December 30. That is a significant drop of $22 billion.

Analysts claim that the fall in Zuckerberg’s net worth is a result of the controversial year faced by the leading social media company. As the CEO of Facebook, Mark Zuckerberg owns a 13% stake in the company.

However, the company had major fallout this year with several controversies including the Cambridge Analytica scandal, accusations of mismanagement, a shareholder revolt, and inquiries over inappropriate content. This led the company’s’ stock price to fall more than 20% - reflecting significantly in Zuckerberg’s net worth.

Time Magazine’s Money predicts that even though Facebook’s share prices are recovering gradually – Zuckerberg may lose around $15 billion this year.

The publication's index also shows that Mark Zuckerberg has lost the most money in 2018 of any of the world’s 500 richest people. The list of richest includes Amazon’s CEO Jeff Bezos as well who also faced a loss of billions in tech stocks just recently. The same affected his net worth but the Times state that the downfall is ultimately less than Mark Zuckerberg.

Photo: Bloomberg / Andrew Harrer
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