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Mark Zuckerberg's net worth dived by nearly R130 billion after Facebook's catastrophic year

Jake Kanter , Business Insider US
 Mar 08, 2019, 12:55 PM
Mark Zuckerberg with Facebook employees.
  • Mark Zuckerberg's net worth fell nearly R130 billion to R905 billion following a year of Facebook scandals, according to Forbes.
  • Zuckerberg's personal wealth is closely linked to Facebook's fortunes because he owns nearly 17% of the company's stock.
  • The Facebook founder also lost his crown as the youngest-ever self-made billionaire to Kylie Jenner.

Mark Zuckerberg is out of pocket by nearly R130 billion on last year following a disastrous 12 months for Facebook.

According to Forbes' 2019 billionaire's list, Zuckerberg's net worth stands at R905 billion, down from $71 billion (R1 trillion) at the same time last year. He dropped three places down Forbes' ranking to 8th place.

Just days after Forbes published its list in 2018, The Observer and The New York Times published revelations about the Cambridge Analytica data breach.

It proved to be the catalyst for a string of scandals for Facebook, encompassing issues including election interference on its platform, harmful content, and crisis mismanagement.

The issues took their toll on Facebook's stock price, which fell by more than R757 over the course of the year, starting 2018 at R2,717.76 and ending on December 31 at R1907.06. Facebook has since rallied to R2,492.26 in 2019.

Zuckerberg's personal wealth is closely linked to Facebook's fortunes because he owns nearly 17% of the company's stock, according to Forbes.

The Facebook founder also lost his crown as the youngest-ever self-made billionaire to Kylie Jenner, Forbes said. Zuckerberg was 23 when he made his first R14 billion, while Jenner is just 21.

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