According to sources Mark Zuckerberg’s decision to change the way Facebook operates people’s news feeds did not go down to well for him. It is believed that the move has cost him $3.3bn, with his personal net worth dropping by 4.4%. Accordingly after Facebook went public with the news feed change on Thursday, the website’s share value dropped by nearly 4% before US markets opened on Friday.
Sources have stated that by close of business on Friday Facebook shares were trading at $179.37, down more than 4.4% on Thursday’s price of $187.77. Meanwhile Forbes has calculated that for Mr. Zuckerberg, the co-founder, chairman and CEO of Facebook, this translated into a personal hit of 3.3bn a 4.4% fall in his personal fortune.
Earlier Zuckerberg who started Facebook in 2004 aged 19, still owns a 17
per stake in the company, which went public in 2012. Further he explained his
reasons for changing the news feed algorithm in a Facebook post on Thursday,
saying he wanted the website to prioritize posts from friends and family over
businesses and brands.
