The personal wealth of Facebook co-founder and CEO Mark Zuckerberg has fallen by nearly $7 billion in a few hours, following a selloff that sent the social-media giant’s stock plummeting about 5 percent on Monday.
Zuckerberg’s worth is down to $120.9 billion, dropping him below Bill Gates to No. 5 on the Bloomberg Billionaires Index.
According to a Bloomberg report, he’s lost nearly $19 billion since September 13, when he was worth nearly $140 billion.
Facebook’s share started falling after Wall Street Journal began publishing a series of stories based on a cache of internal documents on September 13.
The reports revealed that Facebook knew about a wide range of problems with its products — such as Instagram’s harm to teenage girls’ mental health and misinformation about the January 6 Capitol riots — while downplaying the issues in public, according to a Bloomberg report.
The Wall Street Journal reports have drawn the attention of government officials, and on Monday, the whistleblower revealed herself.
In response to the Wall Street journal report, the social media giant has said that the issues concerning its products, including political polarisation, are complex and not caused by technology alone.
The outage of the three popular social media platforms comes a day before one of its whistleblowers was all set to testify before a Congressional committee.
On Monday, Facebook, Instagram and WhatsApp platforms went down for a couple of hours. However, the services of these companies were restored on Tuesday.
(Edited by : Bivekananda Biswas)
First Published: IST