Mark Zuckerberg, Facebook founder, and CEO testified before a combined Senate Judiciary and Commerce committee hearing Tuesday about user data privacy concerns raised by the Cambridge Analytica scandal which has sent Facebook shares spiraling.
About $70 billion in market cap has been wiped out in the wake of the scandal.
As a result, Zuckerberg’s net worth has taken a big hit. On March 18, Zuckerberg had a net worth $75.3 billion, according to the Bloomberg Billionaires Index. That was down to $64.3 billion at Monday’s close, Bloomberg data showed, making him the seventh richest person in the world.
To be fair, the decrease in the billionaire’s net worth is only on paper. Zuckerberg would have to sell his shares in order to realize their value.
Facebook is up 1.58% Tuesday, but down more than 11% this year.