Mark Zuckerberg's fortune falls US$3.3 billion after announcing overhaul of Facebook news feeds


Facebook Founder and CEO Mark Zuckerberg speaks on stage during the annual Facebook F8 developers conference in San Jose, California, on April 18, 2017.
Facebook Founder and CEO Mark Zuckerberg speaks on stage during the annual Facebook F8 developers conference in San Jose, California, on April 18, 2017.PHOTO: REUTERS

NEW YORK (BLOOMBERG) - Mark Zuckerberg's latest Facebook post is proving expensive.

The co-founder of the world's largest social-media business saw his fortune fall US$3.3 billion (S$4.3 billion) on Friday after he posted plans to shift users' news feeds toward content from family and friends at the expense of material from media outlets and businesses.

Shares of Menlo Park, California-based Facebook tumbled 4.5 per cent on Friday in New York, cutting Zuckerberg's fortune to US$74 billion on the Bloomberg Billionaires Index.

He lost his place as the world's fourth-richest person to Spanish retail billionaire Amancio Ortega.

The drop wiped out much of the US$4.5 billion Zuckerberg, 33, had added this year through Thursday. The world's 500 richest people gained US$1 trillion in 2017 and an additional US$192 billion in the first two weeks of 2018, according to the Bloomberg index.