The value of Facebook CEO Mark Zuckerberg’s stake in the company he founded has plunged $7.2 billion since its initial public offering.
Zuckerberg was worth $19.1 billion, based on the IPO price of $38 a share back in May. He sold 30 million shares on the stock’s debut day in order to raise cash to pay taxes, but he still had 503 million shares at the conclusion of the IPO.
But as of midday Friday, Zuckerberg’s stake is now worth $11.98 billion.
To put the $7 billion drop in context, the estimated net worth of Google (GOOG, Fortune 500) chairman Eric Schmidt, based on his ownership stake in the search giant, is $5.5 billion.
Still, nobody should shed any tears for Zuckerberg. Being worth just under $12 billion is still enough to make him among the 72 richest people in the world, according to the most recent rankings from Forbes.