Zuckerberg Out of Top 10 Billionaire List; Execs Leaving FB
Startups, especially when they celebrate their debut on the stock market, are usually granted a grace period or, in more positive phrasing, a time we typically refer to as honeymoon.
Facebook's honeymoon appears to be over as the company is losing key employees and has settled almost 50 percent below the stock's original target price.
Facebook shares are trading these days around $21, significantly below the $38 offering price and below the $40+ many analysts originally expected. The company's market cap is far from the frequently discussed $100 billion. It has now settled around $45 billion, give or take a few hundred thousand dollars. For Zuckerberg, that means that he is now battling James Goodnight, co-founder of SAS Institute Inc., for tenth place of Forbes' richest people list. Zuckerberg and Goodnight both have a fortune of about $10.6 billion at this time.
Facebook is also dealing with an exodus of several critical employees. Following the IPO, Facebook has lost product management director Carl Sjogreen, CTO Bret Taylor, mobile platform marketing manager Jonathan Matus, as well as director of platform marketing Katie Mitic, and director of platform partnerships Ethan Beard.
Contact Us for News Tips, Corrections and Feedback
Get Tom's Hardware's best news and in-depth reviews, straight to your inbox.
Wolfgang Gruener is an experienced professional in digital strategy and content, specializing in web strategy, content architecture, user experience, and applying AI in content operations within the insurtech industry. His previous roles include Director, Digital Strategy and Content Experience at American Eagle, Managing Editor at TG Daily, and contributing to publications like Tom's Guide and Tom's Hardware.
-
blingooron No wonder he pissed away the board meetings, he figured they were full of ****. Annnd good for him to stay with his wife, god knows hotness is chasing him down. Yes im super shallowReply -
cookoy Yeah, as if being out of the top ten list is that bad. More interesting is why those execs are jumping ship. We can only guess if journalists don't do the work for us.Reply -
del35 The question remains, what has Zuckerberg contributed to technology and the Internet in general? All he seems to have done was create a network in almost complete imitation of existing social networks like Friendster and enhance its mass appeal by making it initially for "Ivy league graduates" only. The media went crazy promoting "genius" Mr Zuckerberg together with his network causing more and more gullible people to want to join it when face book eventually became democratized. Facebook is an embarrassment to civilization and so is Mr Zuckerberg. When facebook goes under, the way of Myspace, it will be a good riddance as better and more important networks exist that have received little or no attention from the narrowly owned "elite" media in the USA. I dare say the US media propaganda on "genius" Zuckerberg and his social network belong in the Annals of mass brainwashing.Reply