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Zukerberg: Facebook CEO’s one day loss is almost Nigeria’s budget in 2017

Mark Zukerberg's 2hrs loss is almost Nigeria's budget in 2017

The loss of Facebook when its shares tumbled on Wednesday, July 25, has been calculated to be close to Nigeria's budget for 2017.

The $16.8 billion loss of Facebook CEO, Mark Elliot Zuckerberg in one day is almost the total funds the Nigerian government spent in 2017 fiscal year.

Zuckerberg, on Wednesday, July 25, 2018 lost $16.8 billion in almost two hours as the Facebook shares tumbled.

The sum, $16.8 billion, if converted to Naira totals over N6 billion (6,074,040,000,000).

In 2017, the National Assembly passed the 2017 Appropriations Bill, raising the budget from N7.28 trillion earlier proposed by President Muhammadu Buhari to N7.44 trillion.

The amount is just a fifth of Zuckerberg's net worth.

The American technology entrepreneur, according to Forbes, is currently worth $77.6 billion.


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Zuckerberg's $16.8bn loss is more than Dangote’s net worth

The slide on Zuckerberg's fortune is worth more than the net worth of Africa's richest man, Aliko Dangote, whose worth is around $12.3 billion as at July 9, 2018.

For many of the world's richest people, most especially Africa's billionaires, losing $16.8 billion in a day would be a wipeout.

According to Bloomberg, Zuckerberg's fortune tumbled in late trading Wednesday, as shares of the social media giant slid 20% in post-market trading in New York on disappointing results.

If the bearish moment continues on Facebook stock on Thursday, Mark Zuckerberg will exit the top three richest billionaires on the Bloomberg Billionaires Index.

David Masifon Photo

David Masifon is a Associate at Meets Media, a digital journalist who reports on Media and some other section of our website.

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