Zuckerberg lost $3.1bn last week

A Billion Dollars

Pocket change.

Mark Zuckerberg, the 29-year-old co-founder of Facebook, lost $3.1bn last week amid a decline in bank and technology stocks.

Bloomberg News reports that the world’s largest social network plummeted 11% after the company announced it would buy virtual-reality firm Oculus VR Inc. for at least $2bn. Zuckerberg is the 22nd richest person on Earth with a $27bn fortune, according to the Bloomberg Billionaires Index.

Investor concern about the Federal Reserve’s schedule for scaling back its bond purchases, Russia’s recent annexation of Crimea and possible weakness in first-quarter earnings reports have introduced a 'healthy cautiousness' into the market, said John Carey, a portfolio manager at Pioneer Investment Management Inc. in Boston, which manages about $200bn.

Google Inc. co-founders Sergey Brin and Larry Page lost a combined $3bn as the world’s largest Internet search engine prepares to issue 330 million non-voting C Class shares next week to cement the founders’ control of the company.

The fortune of Jeff Bezos, the CEO of Amazon, fell $1.9bn after the world’s largest online retailer announced it would cut prices for cloud services on Wednesday, a day after Google cut its prices. The new prices go into effect on April 1 for both Amazon and Google.

Hit the link below to access the complete Bloomberg article:

Zuckerberg Loses $3 Billion in a Week as Tech Titans Fall



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