By Damilola Faustino
Facebook Inc Chief Executive Mark Zuckerberg’s wealth took a more than $15 billion hit as the social media company suffered the biggest one-day wipeout in U.S. stock market history a day after executives forecast years of lower profit margins.
This happened after Facebook’s Chief Financial Officer David Wehner startled an otherwise routine call with analysts by saying the company faced a multi-year squeeze on its business margins.
The company also said revenue growth from emerging markets and the company’s Instagram app, which has been less affected by privacy concerns, would not be enough to repair the damage.
As a result of the huge loss, Zuckerberg fell from 3rd to 6th on the list of world richest persons.
Read also: Mark Zuckerberg Now World’s 3rd Richest Man
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