Around two and a half month ago analysts were making predictions that Facebook stock may hit $46 within a year. But the reality seems to be different. Facebook’s stock has fallen 24% as off now, from its IPO valuation. And, due to the stock drop, Facebook CEO Mark Zuckerberg has tumbled from the list of world’s top 40 richest people. And what about all those predictions? Well, they seems bleak.
Few months ago and could be till now, Facebook’s IPO was one of the buzzing topics in both the tech and financial industry. Facebook went public on May 18 at $42.05 and fluctuated between $45 and $38 throughout the day. It closed barely above its IPO price, at $38.23. The stock had fallen sharply in the weeks following the IPO, going as low as $25.52. But, as the company’s stock plunged, Zuckerberg’s paper wealth came down to $14.7 billion from $16.2 billion.
In March, Zuckerberg was the in no. 35 position on the list of world’s top 40 richest people. At that time, he had $17.5 billion worth of property. Not any more. He is now out of the top 40 richest people in the world. Due to the continuing slide in Facebook’s shares Mark Zuckerberg is now out of the list.
Here’s the selected list of how Facebook’s stock has closed since the IPO.
— Friday, May 18: Closed at $38.23, up 0.6 percent from IPO price
— Monday, May 21: Closed at $34.03, down 11 percent for the day, down 10 percent from IPO price
— Tuesday, June 5: Closed at $25.87, down 3.8 percent for the day, down 32 percent from IPO price
— Tuesday, June 26: Closed at $33.10, up 3.2 percent for the day, down 13 percent from IPO price
— Thursday, July 19: Closed at $29, down 0.4 percent for the day, down 24 percent from IPO price