Facebook founder, Mark Zuckerberg has went from being the third richest person in the world to a sixth place.
After some time with extensive criticism over the Cambridge Analytica scandal and the response to the social media’s influence from Russia during the US elections – Facebook dropped 3% Friday to its lowest point since April 2017.
That have meant a loss of $17.4 billion for the Social media billionaire, Mark Zuckerberg.
Mark Zuckerberg owns 30% of the stocks and has 51% voting right on the board.
According to The Wall Street Journal, Mark Zuckerberg announced to his executives that he would go to war and begin a more “aggressive management style” after the Cambridge Analytica scandal. This has created turmoil internally in the company, resulting in several executives resigning.
Facebook shares are down more than 20% year to date.
It is not only the value of the company that have fallen – in a recent internal survey reported by Wall Street Journal this week, employee morale have taken a dive as well and so just over half of the employees said they were optimistic about the future of the company, a decline of 32% from the year before.
Also internal, anonymous chats from within the company shows frustrated employees – one of the issues is that the employee-compensation package include company stock options, which means that the employees are very dependent on the public perception of the company.
It is not just Zuckerberg’s employees that have felt the new aggressive management style, also Apple CEO Tim Cook have felt the anger from Mr. facebook.
Tim Cook have criticized Facebook’s business model and Mark Zuckerberg’s encouragement to his employees and executives to use Android, was seen as an attack towards Apple. Though Zuckerberg claims he wanted to use Android simply because it is the most popular operating system.
Facebook allegedly hired the PR firm Definers Public Affairs to portray critics and competitors in a negative way in the media – especially Apple and Google.
Mark Zuckerberg claims that he was not aware of the activities carried out by the company.
Zuckerberg also made enemies in the political arena. The democrats have normally been good friend with the tech sector but after a year with scandals concerning Russian propaganda and so called“fake news” the tension is noticeable.
Since, there have been speculations about Zuckerberg’s resignation as chairman – something he states, will not happen in the near future, in an interview to CNN.