Zuckerberg drops off world’s top 40 billionaires list | business | Hindustan Times
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Zuckerberg drops off world’s top 40 billionaires list

business Updated: May 30, 2012 17:54 IST


Facebook co-founder Mark Zuckerberg has dropped off Bloomberg''s list of the richest 40 billionaires in the world after his social networking firm’s disastrous launch on the US stockmarket.

Earlier, Bloomberg''s Billionaire Index had declared Zuckerberg the 29th richest person on Earth after Facebook Inc. sold 421.2 million shares valued for 38 dollars each.

But now, the Facebook founder has fallen off the list entirely, The Los Angles Times reports.

Zuckerberg''s net worth reached a peak of 19.4 billion dollars on May 18, the first day of the Facebook IPO, when shares of the company closed at 38.23 dollars.

By Tuesday, Facebook shares had dropped to just 28.84 dollars a share, and Zuckerberg''s fortune was down to 14.7 billion dollars.

Bloomberg''s index measures only the wealth of the top 40 richest people in the world, and as of now, Zuckerberg is 800,000 dollars behind the current No. 40 on the list, Luis Carlos Sarmiento, a Columbian businessman.