Mark Zuckerberg's Net Worth Has Decreased By $12.5B in the Wake of the Cambridge Analytica Scandal
- Facebook CEO Mark Zuckerberg is testifying before the Senate for the second day in a row following the social media company's Cambridge Analytica data scandal.
- Much of Zuckerberg's massive net worth comes from his Facebook shares.
- His net worth has fluctuated dramatically in the wake of the scandal.
Mark Zuckerberg, the founder and CEO of Facebook, is undergoing his second day of being grilled by Congress in the wake of the company's Cambridge Analytica data scandal, and the news is already affecting his net worth.
Yesterday, according to the Bloomberg Billionaire Index, Zuckerberg's was worth approximately $67 billion—$12.5 billion less than its peak of $79.5 billion on February 1 (before reports of the Cambridge Analytica leak emerged in March). His net worth hit a low point of $62.2 billion on March 27.
Forbes and Bloomberg now estimate Zuckerberg is worth $67 billion, but that number could change after he departs Capitol Hill.
Zuckerberg testifies before a U.S. Senate committee on Capitol Hill on April 10.
According to Recode, Zuckerberg sold $108.6 million worth of Facebook stock in February—marking the "beginning of a sales process Zuckerberg outlined in September, when he announced plans to 'accelerate' his stock sales over an 18-month period in order to 'fully fund'" the Chan Zuckerberg Initiative.
Zuckerberg established the limited-liability company with his wife, Priscilla Chan, in 2015, and within its first two years he had already sold $1.6 billion of Facebook stock to begin funding it.
Whether the Cambridge Analytica scandal affects Zuckerberg's plan to "sell 35 million to 75 million Facebook shares" to continue the funding process remains to be seen.
This story originally appeared on Townandcountrymag.com.
* Minor edits have been made by the Townandcountry.ph editors.