Zuckerberg down $16bn as market 'unlikes' Facebook

Facebook shares sink 8% as Q2 revenue and user growth misses analyst estimates

Zuckerberg, 34, is now the world's sixth-richest person with US$70.6 billion, down three rungs on the Bloomberg Billionaires Index.

Facebook Chief Executive Mark Zuckerberg's fortune took a more than Sh1.5 trillion ($15 billion) hit on Thursday, as the social media company suffered the biggest one-day wipeout in US stock market history a day after executives forecast years of lower profit margins.

Forbes reported that the series of scandals that Facebook has had to deal with has finally caught up with the tech giant.

It was filed just hours before a brutal Facebook second-quarter earnings update on Wednesday, which sent the firm's share price tumbling almost 24 per cent, wiping as much as $148 billion off its value.

A plan to fire Mark Zuckerberg as chairman of Facebook, leaving him just as CEO of the social media company staggered by a $119-billion loss on Thursday, has been drawn up 10 months before the next shareholder's meeting, the Business Insider reported.

Tape reveals Trump and lawyer discussing payoff over alleged affair
Cohen said at the time "In a private transaction in 2016, I used my own personal funds to facilitate a payment of $130,000 to Ms. Some reports noted that Davis intentionally leaked the tape to disprove Trump's previous statements about not paying McDougal.

The fall came after a Facebook executive said profits margins would tumble for several years because of the cost of improving privacy safeguards and slowing usage in the Internet's biggest advertising markets, Reuters reported.

Facebook's second-quarter results were the first sign that a new European privacy law and a string of privacy scandals involving Cambridge Analytica and other app developers are hitting the company's business.

Of 47 analysts covering Facebook, 43 rate the stock as "buy", two rate it "hold" and two rate it "sell".

The $15.8bn 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.

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