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Mark Zuckerberg loses $3.3 billion after Facebook news feed change

Mark Zuckerberg loses $3.3 billion after Facebook news feed change

Mark Zuckerberg’s decision to change the news feed operation by Facebook cost him a big loss amounting to $3.3bn. The net worth of the CEO dropped by 4.4 percent out of his personal fortune.

The leading social networking site had gone public with the news feed change on Thursday, and the website’s share value dropped by nearly four percent before US markets opened on Friday, reports the Independent.

On Friday, the company was trading at $179.37, which was cut down by a significant 4.4 percent on Thursday, valued at $187.77.

According to Forbes calculation, the Facebook co-founder was hit by a personal fall of $3.3bn. Zuckerberg had started Facebook at the age of 19 and owns a 17 per stake in the company, which went public in 2012.

He explained his reasons for changing the news feed on Thursday, saying he wanted the website to prioritise posts from friends and family over businesses and brands.

“We built Facebook to help people stay connected and bring us closer together with the people that matter to us,” he said.

“But recently we’ve gotten feedback that public content – posts from businesses, brands and media – is crowding out the personal moments that lead us to connect more with each other,” he added.