Wrong Move! Mark Zuckerberg lost N1 Trillion Friday after one erroneous post

Barely days after its was announced that he raked in about N1 trillion in the first 10 days of the new year, the founder and CEO of Facebook, Mark Zuckerberg has lost just about the same sum

This comes after Zuckerberg’s announced his decision to change the way Facebook manages people’s newsfeed. 

Zuckerberg said in a public statement that Facebook was created with the premise to connect family and friends. However, branding from businesses and media has crowded out personal moments on the platform. 

“I'm changing the goal I give our product teams from focusing on helping you find relevant content to helping you have more meaningful social interactions”, said Zuckerberg. 

However, his decision cost him $3 billion, reportedly dropping his personal net worth by 4.4%. 

The website’s share value dropped by nearly 4% after Facebook went public with the news feed change. 

There is speculation that the move to change the site’s algorithm is based on a greater motive, to increase public sharing. 

By tweaking the news feed, people are encouraged to discuss their personal lives. This may also be a means of increasing Facebook’s commercial value. 

Some analysts say that the change will work in the company’s favour in the long term, despite the recent knock. 

“Making the feed more relevant should boost user and engagement growth over time. We believe these changes will be beneficial to Facebook in the medium and long term”, says Royal Bank of Canada (RBC) analyst, Mark Mahaney. 

Zuckerberg is also still a very wealthy man, who boasts a firm fortune of $68 billion. 

The social networking magnate also holds stakes in several companies including messaging app, WhatsApp which Zuckerberg acquired for $19 billion. 

These additional acquisitions will surely keep Zuckerberg and his billions afloat. 

- BUSINESS REPORT ONLINE 


 

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