Zuckerberg Drops Off of Billionaire List

Someday, they may look back on the Facebook IPO as being the catalyst for radical change on Wall Street, some of which is aimed at attracting retail investors back into the stock market, however, about the only solace available today for those enamored with the social media stock (that has now plunged almost 25 percent since it was foisted upon its users about ten days ago) is word that CEO Mark Zuckerberg is no longer one of the world’s top 40 richest people as detailed in this story at the LA Times.

Well, that didn’t take long.

Less than two weeks after Bloomberg’s Billionaire Index declared Mark Zuckerberg the 29th richest person on Earth, the Facebook founder has fallen off the list entirely.

Bloomberg’s index measures only the wealth of the top 40 richest people in the world, and as of now, Zuckerberg is $800,000 behind the current No. 40 on the list — Luis Carlos Sarmiento, a septuagenarian who controls more than a quarter of Columbia’s financial industry.

Of course, no one is suggesting you feel bad for the 28-year-old newlywed — as of Tuesday his estimated net worth was still a whopping $14.7 billion, according to Bloomberg. But on the other hand, the guy did lose $4.7 billion in just 11 days — at least on paper.

(Could this be why he skimped on tipping a waiter in Rome?)

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

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

Zuckerberg did unload 30.2 million shares at $37.58 a piece on the first day of the IPO, bringing him a cool $1.1 billion, but he was planning to use most of it to cover taxes, according to a document filed with the Securities and Exchange Commission.

He still owns 503.6 million shares of the company.

The New York Post has some details about how the Billionaire Cheapskate tips when in Rome…


2 Responses to Zuckerberg Drops Off of Billionaire List

  1. DCX2 May 30, 2012 at 10:11 AM #

    My father has told me stories about other countries where you are expected not to tip, because the servers are paid a better wage than in the US. So I have to wonder…is it customary to tip in Italy/Rome?

    Granted, yeah, guys worth a lot of money and he shouldn’t skimp on a tip, but it doesn’t make sense to pillory a man for not performing an action if it isn’t even a custom there…

    • Tim May 30, 2012 at 12:27 PM #

      Good point.
      I think in the U.K. it’s considered an insult to tip a bartender - or maybe that’s in Scotland for restaurants - I forget.

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