Zuckerberg admits Facebook stock plunge ‘painful’ to watch
Quotes

Zuckerberg admits Facebook stock plunge ‘painful’ to watch

Last Updated: Saturday, August 18, 2012, 12:16
 
 Comment 0
 
Zuckerberg admits Facebook stock plunge ‘painful’ to watch
London: Facebook co-founder Mark Zuckerberg has reportedly admitted that the firm’s stock market tumble has been “painful” to watch, while addressing a meeting to boost the morale of his staff.

He gathered the social networking site’s staff to discuss the issue ahead of the release of an extra 271 million shares this week, which cut Facebook shares to just 19.87 dollars, almost half their 38 dollar flotation price.

According to The Telegraph, witnesses said that at the meeting, the 28-year-old chief executive was asked if Facebook employees were allowed to talk about the firm’s troubles on Wall Street.

Zuckerberg reportedly replied saying that people should now feel comfortable talking about the issue, but still try not to focus on it.

However, he was forced to acknowledge Facebook’s “painful” stock market hammering to employees whose options were issued at a higher price than the shares are currently trading at. Many remain unable to trade their share as a series of lock-in periods still remain in force, the paper said.


After Facebook shares sank to a new record low, Zuckerberg’s personal fortune has also been slashed to about 10 billion dollars, down from estimates of almost 20 billion dollars in May, the paper added.

ANI




First Published: Saturday, August 18, 2012, 12:16


Comments


comments powered by Disqus
Top 5 anticipated luxury cars of 2015
Top 5 anticipated luxury cars of 2015
Top 5 anticipated smartphones of 2015
Top 5 anticipated smartphones of 2015
World Economic Forum 2015
World Economic Forum 2015
G20 Summit 2014
G20 Summit 2014
2014`s Top People in Business: Fortune
2014`s Top People in Business: Fortune

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved