Zuckerberg Out of Top 10 Billionaire List; Execs Leaving FB

News
By Wolfgang Gruener
published

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.

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Wolfgang Gruener
26 Comments Comment from the forums
  • house70
    Oh, cry me a river!......
    Reply
  • captainblacko
    wow he's only worth $10.6b now. What a shame.
    Reply
  • blingooron
    If you go to #11, im returning your action figure to Walmart.
    Reply
  • olaf
    OH HOW SAD ! hope they go bellyup
    Reply
  • lamorpa
    Is this essential service undervalued?
    Reply
  • rmpumper
    Should have taken the 50 billion he was offered a while back.
    Reply
  • 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 shallow
    Reply
  • 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
  • spartanmk2
    This article isnt even worth commenting on.
    Reply