After taking a hard hit on Wall Street last week, Facebook’s stock sank even lower Monday.
The company’s stock price dropped almost 4 percent in early trading, Fortune reported.
By the end of the day, the stock had rebounded slightly to a 2.2 percent drop.
Facebook’s recent tumbles have cost CEO Mark Zuckerberg billions. The company’s founder owns 14.18 million Class A shares and 441.6 million Class B shares. The Bloomberg Billionaires Index estimates Zuckerberg’s net worth has dropped another $660 million from the most recent hit.
Facebook’s fall is also bad news for the markets as a whole. The fact that Facebook has lost more than 20 percent of its value since July 25 helped push the NASDAQ to its lowest level since July 5.
That puts Facebook into what’s called bear market territory, MarketWatch reported, noting that a bear market is one that loses 20 percent of its former value. – READ MORE
[divider][/divider]Following months of scandal and criticism, Facebook CEO Mark Zuckerberg lost $16.8 billion this week after Facebook stock plummeted 20 percent after market close on Wednesday, Business Insider reported.
The freefall came after a disappointing earnings report for Facebook’s second financial quarter which was below analysts’ expectations.
“At the current after hours prices and given its market cap at the close Wednesday, Facebook is poised to lose more than $123 billion in market value,” CNBC reported.
Facebook’s investors are now working on a plan to oust Zuckerberg as the company’s chairman because of his “mishandling” of these numerous company controversies, Fortune reported.
Shareholder Trillium Asset Management — which holds an $11 million stake in Facebook — is leading the way on the proposal to oust Zuckerberg.
Trillium wants an independent chair to take Zuckerberg’s place and has been pushing for the company to split the chairman and CEO roles.
According to Business Insider, this plan will likely be unsuccessful because of Zuckerberg’s voting power counts for more than half of the total influence. – READ MORE
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