Quick, everyone get out your violins and a box of Kleenex.....

[marmar]

World’s Richest Lose $33 Billion as Facebook Debut Stalls
By David De Jong and Devon Pendleton - May 18, 2012 6:33 PM ET


(Bloomberg) The world’s richest people lost a combined $32.8 billion this week as concerns over a possible Greek exit from the euro area pushed the Standard & Poor’s 500 index to its biggest weekly loss since November 2011.

Mexican Carlos Slim, 72, lost the most during the week, as shares of his Mexico City-based telecommunications company America Movil SAB fell 4.38 percent. Slim, who lost $4.1 billion, remains the world’s richest person with a $65.5 billion fortune, according to the Bloomberg Billionaires Index.

Facebook Inc. (FB) co-founder Mark Zuckerberg, 28, became the 26th richest person on Earth after the world’s most popular social network raised $16 billion in an initial public offering May 17. The company’s shares stalled in their public debut May 18, rising 23 cents above the IPO price of $38. Zuckerberg is worth $19.4 billion.

“Given the hype and excitement, people expected it to be a lot higher,” Herman Leung, an analyst at Susquehanna Financial Group, said in a telephone interview from his San Francisco office May 18. “This is similar to Google. The company will not get the benefit until they start proving themselves as a public company.” ................(more)

The complete piece is at: http://www.bloomberg.com/news/2012-05-18/world-s-richest-lose-33-billion-as-facebook-debut-stalls.html

[Politicalboi]

1. Just think

If the economy was better, and the middle class could afford to buy facebook stock, the price would have possibly gone over 100 dollars a share in a day. Oh well. The middle class uses facebook, without them, it's worth nothing.