Facebook’s Mark Zuckerberg has had a tumultuous month. Little more than a week after his company’s IPO made him one of the richest people on the planet, trading issues and a souring market have pulled some of that rug out from under him: the 28-year-old was recently kicked off Bloomberg’s Billionaires Index of the world’s 40 richest people.
Zuckerberg’s net worth soared to $19.4 billion on May 18, the first day of Facebook’s widely anticipated public offering, but by May 29 had dwindled to $14.7 billion, the AP reports. The social media giant’s shares closed on at $38.23 after their debut, and have dropped below $28 in early Thursday trading.
One of the most anticipated IPOs in history, Facebook’s launch was more of a mess than a success. Trading was delayed for 30 minutes due to technical problems at the Nasdaq exchange. Facebook and Investment bank Morgan Stanley, which managed the IPO, are now the subject of shareholder lawsuits. (The bank blames the stock exchange glitch for the rocky debut, according to Forbes.)
But don’t feel too bad for Zuck. After all, the day after his company went public he exchanged vows with his longtime girlfriend. And he’s still worth a whopping $14.7 billion.