Mark Zuckerberg has lost billions over the past week thanks to the Facebook data leak.
According to The Wrap, it has been a rough week for Zuckerberg. He reportedly lost almost $10 billion, yes billion, since the data leak rocked Facebook. Yep, the chief executive officer of the social media company is having one rough financial week.
Facebook stock continues to drop. It went from $185 per share to $159 per share in just one week. The reason for 3.3 percent drop in stock prices is all because 50 million users discovered their personal information had been unwittingly accessed. The scandal rocked the company, as well as those who trusted the social media site.
ZUCKERBERG APOLOGIZES FOR DATA THEFT: The co-hosts discuss Mark Zuckerberg's latest interview and whether the Cambridge Analytica scandal warrants users’ decisions to delete their Facebook accounts. pic.twitter.com/jIvF47FZte— The View (@TheView) March 22, 2018
The company lost $60 billion in market cap, along with the personal billions Zuckerberg has lost. Again, this is because Facebook faces serious amounts of criticism since the data leak. However, it is not like the company nor its CEO is in jeopardy of going broke anytime soon.
Thanks to the recent data breach, Facebook as well as other social media sites such as Twitter and YouTube, advertising revenue could be the next area hit financially. Should users decide to leave such platforms because they feel their information is not safe, it will affect how much advertisers spend. Unfortunately, the long-term effects of the data breach on the company will take a few months.
It has been known for a long time having personal information on the Internet can lead to identity theft and more. Despite the many safeguards companies put in place personal information is not always 100 percent safe, case in point the Facebook data leak. Sadly, it is the cyber world we all live in.
Mark Zuckerberg has been talking about privacy for 15 years — here's almost everything he's said. pic.twitter.com/07D4QS4Pgl— CNBC (@CNBC) March 23, 2018
Facebook CEO and founder Mark Zuckerberg took a serious personal financial hit this past week and it may not be over yet. His loss of $10 billion could be just the beginning. If the company’s stock keeps dropping so will his personal wealth. The news is not great but honestly, it is hard to feel bad for the guy when his company is still valued at $62.7 billion.
What do you think about the Facebook data breach and the financial impact it has had on Zuckerberg?