Rich Kid Mark Zuckerberg Out of Top 10 Billionaire List Amid Facebook's Falling Stock
Facebook founder Mark Zuckerberg isn't about to go stand in a soup line or hover on a street corner with a cardboard sign that reads, "Will write code for food," but among an elite class of tech billionaires, he now finds himself on the outside looking in. Well, sort of.
As shares of Facebook continue to fall, so too does Zuckerberg's fortune. Four days ago, Facebook's stock fell to $20.04 (it's currently at $21.86, and dropping), bringing Zuckerberg's worth down to $10.2 billion. That kicked him out of a list of the world's ten richest tech billionaires, sliding him into 11th place behind James Goodnight, co-founder of SAS Institute Inc., who ranks No. 10 and is worth $10.6 billion.
Zuckerberg's place among the tech industry's wealthiest individuals is mostly academic and will continue to fluctuate, but more importantly, it underscores the challenges he faces in keeping his social network attractive to investors. Facebook's IPO price was $38, a disappointing figure considering all the hype that led to the social networking site's IPO, and it's only gotten worse since then. It also didn't help matters when Facebook fessed up to having some 83 million fake accounts, which is representative of nearly 9 percent of its user base.
As shares of Facebook continue to fall, so too does Zuckerberg's fortune. Four days ago, Facebook's stock fell to $20.04 (it's currently at $21.86, and dropping), bringing Zuckerberg's worth down to $10.2 billion. That kicked him out of a list of the world's ten richest tech billionaires, sliding him into 11th place behind James Goodnight, co-founder of SAS Institute Inc., who ranks No. 10 and is worth $10.6 billion.
Zuckerberg's place among the tech industry's wealthiest individuals is mostly academic and will continue to fluctuate, but more importantly, it underscores the challenges he faces in keeping his social network attractive to investors. Facebook's IPO price was $38, a disappointing figure considering all the hype that led to the social networking site's IPO, and it's only gotten worse since then. It also didn't help matters when Facebook fessed up to having some 83 million fake accounts, which is representative of nearly 9 percent of its user base.
