On Thursday Mark Zuckerberg lost more money each second than what most people earn in a lifetime.
Facebook bled on Wall Street on Thursday. For the social media giant and its CEO Mark Zuckerberg, the shock may not amount to much given just how big the company is and just how rich the young billionaire is, but the numbers are surely staggering.
After Facebook failed to meet the revenue expectations -- by a whisker -- and announced a less rosy revenue outlook for its next few quarters, Facebook shares took a beating. They dropped and dropped fast. Within hours Facebook lost over $150 billion in market capitalisation and wealth of Zuckerberg came down by $16.8 billion.
More shockingly, all of this happened within an hour. With the price of Facebook shares coming down by around 20 per cent, Zuckerberg lost over $16 billion in an hour. In other words, he lost around $280 million every minute. Or you can say that he lost around $4.7 million per second.
Big numbers! But we are Indians right, so let's put this in perspective. On the day of Facebook's woes on the Wall Street, Mark Zuckerberg lost around Rs 32 crore per second.
More shockingly, all of this happened within an hour. With the price of Facebook shares coming down by around 20 per cent, Zuckerberg lost over $16 billion in an hour. In other words, he lost around $280 million every minute. Or you can say that he lost around $4.7 million per second.
Big numbers! But we are Indians right, so let's put this in perspective. On the day of Facebook's woes on the Wall Street, Mark Zuckerberg lost around Rs 32 crore per second.
This is more than what an average Indian -- or an Indian family for that matter -- will make in his whole lifetime. So, just to repeat: Mark Zuckerberg on Thursday, when Facebook shares were taking a beating, lost more money in a second than what most people in the world make in a lifetime.
While there is no doubt that many people in India are quite rich and will definitely make much more than Rs 32 crore in a lifetime, the majority won't, especially not if the current per capita income levels hold up. Even if you earn Rs 10 lakh per annum right now, and relatively few people in India earn that much, in 10 years you will end up making around Rs 1.2 crore.
Multiply the figure by six to cover for around 60 years that you could be expected to work, and you will end up earning around 7 crores. This is around one-fifth of what Zuckerberg was losing every second on Thursday.
This post is from https://www.indiatoday.in
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