Posted on 01/03/2019 8:45:42 AM PST by Red Badger
BILLIONAIRE Mark Zuckerberg has halted the sale of his Facebook stock after the company's value collapsed last year.
The controversial 34-year-old has seen his company fall from grace, and failed to sell a single share in the last three months of 2018.
Back in September 2017, Zuck promised to flog between 35million and 75million of his Facebook shares over 18 months.
It was part of a promise to give away most of his fortune, which requires converting stocks to hard cash.
Since then, he's sold about 30.4million shares worth roughly $5.6billion (£4.4billion).
But Bloomberg says that the Facebook CEO has stopped selling shares after 2018 saw Facebook's worth plummet.
In just a few days in December, Facebook's stock price slumped by nearly $10billion (£7.4billion) after sealed court documents about the firm were released to the public.
The secret files – which contain emails from billionaire boss Mark Zuckerberg – revealed the inner workings of Facebook, and the company's blatant disregard for user privacy.
And between July and December, Facebook lost around £172billion, as the year saw Zuck's social network become the world's most notorious tech firm.
At the time, it was equivalent to losing the combined value of Netflix (£94.2billion), Twitter (£20.5billion), Snapchat (£5.78billion) and Sony (£49.6billion).
Facebook has also lost £92billion in value since the beginning of 2018.
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Leaked emails revealed the ruthless response Mark Zuckerberg (MZ) gave when asked if Facebook should restrict Vine's access to user data to damage the rival app – the publication of which caused Facebook's value to plummet late last year
The company's stock price plummeted between July and December 2018
The Harvard dropout came under fire after a New York Times exposé revealed that Facebook secretly let Netflix and Spotify read your private messages.
The private partnerships were exposed through leaked Facebook files that highlight the company's ongoing failure to protect user's privacy.
This leak also revealed that Facebook had given user data to Yandex – Russia's equivalent to Google – despite the company's alleged "direct line" to Kremlin spies.
A separate report from Gizmodo found that Facebook was still tracking your exact location, even if users told it not to.
The sinister tactic sees Facebook skirt your settings to serve you location-based advertising, helping Zuckerberg make even more money.
And late last year, Facebook admitted a major cybersecurity blunder: it had given app makers access to private photos from your smartphone's camera roll.
These were photos that had never been posted to Facebook, but were sent to app makers without user permission.
Facebook believes that around 6.8million users were exposed by the gaffe.
34-year-old Zuckerberg has a net worth of around £42.7billion, so it's unlikely he loses much sleep over your privacy being exposed
Facebook's streak of bad luck largely began in March, when the company was forced to admit it had given away user info without their consent.
It led to Mark Zuckerberg being confronted by useless lawmakers at the US Congress, followed by an equally confused hearing at the EU.
Matters were made worse when Facebook admitted in September that it had given hackers complete access to 30million user accounts – due to three different coding cock-ups on its website.
Some spectators have suggested Mark Zuckerberg has "lost control" of Facebook, including Belgian and EU politician Guy Verhofstadt.
FuqZuckenCuck
Breaking the wall around the Zuck House
He wants to “give away most of his fortune” but right now he can’t make much money selling stock so he will wait and “give it away” later when his profits will be higher.
Lying snot Zuckerberg
One would think that a facebook alternative could be easily invented. I’m surprised we haven’t seen much competition.
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Poetic justice for this Asperger-y little snot would be to lose his fortune and his gated mansion, followed by being forced to live near some squalid barrio full of the illegal immigrants he has defended so much from afar.
MySpace is still around.............................
Some see it as “cock-ups, to others it’s a feature. Ahem, CIA, cough, cough.
HaHa! I guess there really is justice after all!
He can give it me. I won’t say no. LOL!
Karma is slow, sometimes, but sure.....................
Soooooo sad....;-)
I successfully weened myself from facebook a few months ago. The first step was disabling the app on my phone.
It doesn’t keep reminding me any more. Out of sight, out of mind.
I think when the economic history of the USA is written many years from now, Facebook will be cited as one of the examples of how cheap money and irrational exuberance poured into various novel-but-useless concept stocks.
I only had it for a few months back in 2015-16. Got tired of all the ‘Friending’ and ‘Unfriending’ crap, stupid Videos, pics of children of distant relatives who I never met and never will, ‘invites’ to play games I don’t care a whit about, snide political remarks from ‘friends of friends of friends’.................. ...............
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