Mark Zuckerberg lost $3.95 billion in a single day on Monday, Jan. 11, as investors continued to flee from Facebook Inc. after it suspended President Donald Trump from its social network.
Facebook shares ended Monday down 4 percent at $256.84, eliminating $31 billion from the social media company’s market value.
The selloff pushed Zuckerberg’s net worth down to $97.5 billion, according to the Bloomberg Billionaires Index.
With this total net worth, Facebook’s chief executive officer remains the world’s fifth richest billionaire behind Elon Musk, Jeff Bezos, Bill Gates and Bernard Arnault.
Since the beginning of 2021, Facebook erased 5.5% of its market capitalization, mostly due to its decision to ban President Trump’s account from Jan. 7 through Jan. 20 and possibly indefinitely.
Zuckerberg announced the ban last week, saying, “We believe the risks of allowing the president to continue to use our service during this period are simply too great.”
Zuckerberg claimed that the president used Facebook to condone rather than condemn the actions of his supporters at the Capitol Building on Jan. 6 when Congress met to certify the electoral votes.
However, there is growing evidence that the protesters were posing as Trump supporters and were actually linked to antifa and other radical leftist groups who tried to infiltrate the Trump rally by dressing like Trump supporters.
In addition to Facebook, other social network companies including Twitter, Snapchat, Reddit, and even Pinterest also joined to silence the president in a massive coordinated assault on freedom of speech.
Investors also fled from Twitter, dragging its stock down 6.4% on Monday. Twitter on Friday permanently banned President Trump’s account, which had 89 million followers.