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The founder of Facebook has lost almost a quarter of his net worth after a very bad year for the social media giant.
Mark Zuckerberg, the 34-year-old multi-billionaire, is set to be have $15 billion less as the constant bad news surrounding his social media giant took its toll on his fortune, according to Money Magazine.
COO - Sheryl - Sandberg - Election - Interference
COO Sheryl Sandberg downplaying Russian election interference, user data breaches and fleeing executive talent punished the brand, as well as the man, whose fortune is mostly tied up in ownership of the Facebook platform.
Money Magazine drew up a timeline of debacles and stumbles over the course of the year that plunged the billionaire multiple notches down on the list of the wealthiest people on the planet.
March - Christopher - Wylie - Co-founder - Data
Beginning in March, Christopher Wylie, the co-founder of the data analytics firm, Cambridge Analytica, revealed that misappropriated 50 million of Facebook users' data (revised up to 87 million later) and then used that information to target voters in the 2016 election on behalf of the Trump campaign.
The Facebook founder temporarily lost $13 billion on the news which forced him to concede that his company may have made a mistake in not proactively doing something about the breach.
Cambridge - Analytica - Data - Case - Zuckerberg
'When we heard back from Cambridge Analytica that they had told us that they weren’t using the data and deleted it, we considered it a closed case,' Zuckerberg told Congress when placed on the hotseat. 'In retrospect, that was clearly a mistake.'
Due to lackluster sales and poorer prospects for growth, investors soured on the platform. Zuckerberg also admitted that...
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"It is useless to attempt to reason a man out of a thing he was never reasoned into"--Jonathan Swift