5 Tech CEOs Who Lost A Fortune In Seconds
#2 Reed Hastings
Netflix
Netflix was once a Wall Street darling. Its stocks plunged to all time high of $300, which placed the company’s market capital to $16.5 billion. Reed Hastings, the CEO of Netflix became worth $900 million.
Just 12 months later, Netflix’s stock lost around 78 percent of its value, thanks to an unpopular price increase as a result of its association with Qwikster. As a result, the company began to lose its customers, which reflected in its stocks.
Even the company’s CEO sold his stocks and he ended up with a net worth of $280 million.
#1 Mark Zuckerberg
Well, everybody knows what happened to Facebook and its historical IPO. The shares rose to $45 on its IPO day and gave the social network, an $85 billion market cap. Mark Zuckerberg became one of the youngest billionaires on the same day with a net worth of $20 billion.
But the following months have been critical for the company, with even facing a lawsuit from its investors. The shares continue to slide and at a time reached less than half of its IPO value. Since its public appearance, Zuckerberg had lost around $10 billion and his net worth is estimated to $10 billion now.
