A billionaires’ wealth compilation by Forbes has recorded that the wealth of Facebook boss, Mark Zuckerberg registered a £6.6bn ($8.7bn) drop over the past 12 months, a BBC report reveals.
A tumultuous year in the world of data protection is believed to be a contributing factor to the fall in the tech boss’s value. A third of the social network’s value was wiped away at the most damaging point of 2018 as the company dealt with a swathe of investigations for short comings in data privacy standards.
The Forbes list notes that the total combined net worth of 2019’s billionaires has dropped from $9.1 trillion to $8.7tn. Amazon founder, Jeff Bezos retains the top spot, having seen his net worth increase by $19bn from last year’s total of $131bn.
In September 2018, Facebook shares fell sharply after reports exposed the firm’s heaviest ever intrusion. This was caused by hackers obtaining access tokens to Facebook members’ pages to compromise the account security of over 50 million user accounts.
Already hit by a £500,000 fine under the Data Protection Act 2018 for its part in the Cambridge Analytica scandal, Facebook is currently the focus of no fewer than ten investigations, leveraged by the Irish Data Protection Commission, and may yet suffer further regulatory fines.
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