America’s highest-net-worth individuals have once again been ranked by bank account in the latest Forbes 400 list, and along with the paucity of exceptionally wealthy women, one of the most startling revelations is the speed at which last year’s social media chiefs have slid down the totem pole.
Together, social media’s young masters lost US$ 11 billion in a single year, raising doubts about whether wealth generated in the hype-splashed sector has staying power.
The fortune of Facebook’s Mark Zuckerberg slipped the furthest. In just over three months after the social network’s widely publicized IPO “pop” in May, the company’s market value has dropped by over $50 billion dollars. Its 28-year-old founder’s net worth has dwindled by $8.1 billion to hit $9.4 billion, and his Forbes placement has fallen from 14th to 36th. In his new status, Zuckerberg is tied with another man who had a rough summer in the headlines: 81-year old Rupert Murdoch.