Zuckerberg loses $16 billion in record Facebook fall

Mark Zuckerberg loses $17bn in a day & some investors want him fired as Facebook chairman

The $15.8 billion in net worth that Zuckerberg stands to lose in the move is equal to the wealth of the world's 81st-richest person, now Japanese businessman Takemitsu Takizaki, according to Forbes real time data.

The loss is the biggest one-day wipeout of individual wealth ever recorded on the ranking, which started tracking the world's biggest fortunes in 2012.

Facebook's prodigious growth has experienced its slowest quarter since the platform went public, with the social network losing users in Europe and missing analysts' revenue projections amid the Cambridge Analytica scandal and the implementation of GDPR.

Facebook CEO Mark Zuckerberg's net worth plummeted more than $15 billion with the stock dive, although it's still around $67 billion, according to Forbes' real-time net worth tracker. The GDPR has also forced several changes to Facebook's privacy terms and sign-up process, leading to some users to opt for non-personalised adverts, which generates less revenue.

"We continue to focus our product impact on putting privacy first, and that's going to have some impact on revenue growth", said Facebook chief financial officer David Wehner on the earnings call.

At one point during the call, Facebook shares were trading down as much as 24 percent, an unprecedented drop for a large firm.

Its gloomy forecast for revenue growth surprised investors, though, and prompted many questions from financial analysts on a conference call with company executives on Wednesday. It ended the quarter with $42.3 billion in cash and equivalents.

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"We think that's the right thing to do for the business", he said.

The second-quarter results were the first sign that a new European privacy law and a succession of privacy scandals involving Cambridge Analytica and other app developers have bit into Facebook's business.

Facebook's shares had earlier closed in NY at US$217.50, a record high, and had gained 23 per cent this year. "It just seems like the magnitude is beyond anything we've seen".

Nearly all of Facebook's revenue - $13 billion of the total $13.2 billion - came from online advertising, a sector dominated by the California social network along with Silicon Valley rival Google.

Facebook had 2.23 billion monthly users as of June 30, up 11 percent from a year earlier.

Media analyst Michael Nathanson raised the possibility of Facebook engaging in "a very public act of self-immolation" to stave off regulation, both in the USA and in Europe, which just imposed tougher new privacy rules. That will also give an update on the personal hit to Zuckerberg.

However, the company faced trouble growing its user count in its two biggest markets, Europe and the US. This week, Colin Stretch, who led Facebook's investigation into Russian election interference and who testified before Congress last year on Facebook's behalf, said he would leave the company by the end of the year.

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