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Home Business & Finance Business

‘Drop!’ Mark Zuckerberg loses N534.95billion after Facebook’s $1trillion valuation

Freelanews by Freelanews
June 30, 2021
in Business
0
zuckerberg

Mark Zuckerberg’s wealth dwindles after the value of Facebook hit $1 trillion on Tuesday. The billionaire’s fortune dropped by 1.04% at the end of the business period.

Over N534.95 billion was wiped off his wealth which Forbes’ billionaire tracker estimated to be $126.7 billion. The decline comes as Facebook’s share value depreciated by 1.05%.

Facebook to compete against Sim Shagaya’s uLesson, Gradely, others in Nigeria with Sabee

The stock price had opened at $356.27, and sold as low as $349.05, and as high as $356.74, before settling at $351.89 per share, lower than the previous day closing of $355.64.

This crashed the one trillion dollar market value of Facebook to $997.77 billion at the end of trading. Despite the fall, the social media firm remains the fifth American firm to hit $1 trillion.

Apple, Microsoft, Amazon, and Alphabet have all achieved this milestone, and one thing they have in cmmon is that they are all tech-focused companies.

Facebook’s market valuation had made it to the one trillion-dollar mark after receiving a favourite judgement on the antitrust lawsuit that threatened to loosen Zuckerberg’s grip on Instagram and WhatsApp.

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