Mark Zuckerberg is offering the world a lesson in the new volatility of tech wealth.
The billionaire Facebook chief saw his wealth soar to just under $20 billion after Facebook's IPO. When the stock fell in 2012, his paper net worth fell by more than $9 billion. Facebook's resurgence last year added back more than $10 billion, bringing his net worth to above $20 billion.
In recent weeks, however, the Zuckerberg roller coaster has taken another dive. An analysis of stock wealth losses shows that Zuckerberg is one of the biggest losers in the latest downturn in tech and momentum stocks.
His net worth has fallen by $4.6 billion since March 4, when the S&P reached its peak. No need to break out the microscopic violins, since he's still got $25 billion. But even Mark will probably notice his balance sheet is a little lighter.
Among the other largest billionaire losers is Jeff Bezos. The value of his shares in Amazon has fallen by $3.4 billion since March 4. Again, that's chump change compared with his net worth of $29 billion. But hey, the new Washington Post owner could have bought just about every other surviving newspaper in America with that cash.
Here is a list of some of the top billionaire losers in the latest stock market slide, with the estimated amount each lost since March 4:
- Mark Zuckerberg — CEO, co-founder Facebook — $4.6 billion
- Jeff Bezos — founder, CEO Amazon — $3.4 billion
- Larry Page — co-founder, CEO Google — $1.28 billion
- Sergey Brin—co-founder, Google — $1.25 billion
- Evan Williams — co-founder, Twitter — $668 million
- Reed Hastings — co-founder, CEO Netflix — $269 million
First published April 8 2014, 11:45 AM
Robert Frank is an award-winning journalist, best-selling author and a leading authority on the American wealthy. He joined CNBC in May 2012 as a reporter and editor.
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Prior to CNBC, Frank worked at The Wall Street Journal for 18 years, serving as a foreign correspondent in London and Singapore, and later covering Wall Street and corporate scandals. For eight years, he was the paper's wealth reporter, covering the lives, culture and economy of the new rich.