A Rough Day for Facebook Investors – and its CEO
Shareholders in Facebook were taking a pounding in Thursday morning stock market activity as prices were down nearly 20-percent at one point.
That was enough to wipe out more than $100-billion in market value.
That’s more than the combined market value of Minnesota-based Best Buy, Hormel and Target.
Facebook’s latest financial results did not meet the expectations of Wall Street, indicating the company is still dealing with the fallout from its privacy issues.
And one shareholder in particular is really taking a hit.
According to Bloomberg, Facebook co-founder and CEO Mark Zuckerberg saw the value of his holdings fall by more than $15-billion during the morning trading session.