NEW YORK: Mark Zuckerberg, Facebook’s co- founder and chief executive officer, is no longer one of the world’s 40 richest people.
The 28-year-old’s fortune fell to $14.7 billion Tuesday from $16.2 billion on Friday as shares of the world’s largest social-networking company dropped 9.6 percent to $28.84. That extended the stock’s losses to 24 percent from the worst- performing large initial public offering in the past decade.
Facebook shares closed at $38.23 on May 18, the first day they began trading, giving Zuckerberg a net worth of $19.4 billion.
Zuckerberg is now $800 million behind Luis Carlos Sarmiento, who ranks 40th with a fortune of $15.5 billion on the Bloomberg Billionaires Index, a daily ranking of the world’s wealthiest people. The Facebook opened a sales office in Dubai on Wednesday, expanding its operations in the Middle East and North African market, where it has 45 million users. Facebook's MENA team "will work with brands across the region to help them harness the power of the world's largest social network," it said.
FROM: AGENCIES
