Haute 100 San Francisco Update: Mark Zuckerberg Drops Out of Top 10 Billionaire List

Last week, Facebook’s share price hit an all-time low. After tumbling by 4% to $20.04 per share, Mark Zuckerberg was knocked out of the world’s Top 10 technology billionaire list.

Several factors have been attributed to the free-fall of Facebook’s stock price.

First, it was reported that an estimated 83 million fake Facebook accounts could effect Facebook’s advertising revenue.

Additionally, Facebook has not yet created effective advertising on mobile devices. To put that in perspective, the number of Facebook users accessing the site on their phones surged by 67 percent to 543 million in the last quarter, or more than half its customer base.

David Ebersman, Facebook’s chief financial officer, has insisted that Zuckerberg will not be distracted by the company’s decreasing stock, but only time will tell.

[Sources: ibtimes.com; thedailybeast.com; forbes.com]

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